WILMINGTON (dpa-AFX) - Chemicals giant EI DuPont De Nemours & Co (DD) or DuPont Co on Friday announced a pro rata dividend to DuPont stockholders of the outstanding shares of Chemours Co stock.
DuPont stockholders will receive one share of stock of Chemours for every five shares of DuPont stock they hold. The dividend would be paid on July 1 to DuPont stockholders of record as on June 23.
'Today's announcement continues our solid progress with the expected separation of the Performance Chemicals business and provides our shareholders with equity investments in two strong, publicly traded companies with distinct value creation strategies,' said DuPont CEO Ellen Kullman.
The distribution of Chemours stock is subject to the satisfaction or waiver of certain conditions. DuPont and Chemours expect that all conditions to the spin-off will be satisfied by the distribution date.
Shares of DuPont will continue to trade 'regular way' on the NYSE under the symbol 'DD' through and after the distribution date.
Beginning on or about June 19, it is expected that there will be two markets in DuPont common stock on the NYSE: 'regular-way' under the symbol 'DD' and 'ex-distribution' under the symbol 'DD WI.'
Prior to the distribution date, shares of DuPont stock that trade in the 'regular-way' market will trade with the right to receive shares of Chemours common stock on the distribution date.
Shares of DuPont common stock that trade in the 'ex-distribution' market, will trade without the right to receive shares of Chemours common stock on the distribution date.
It is anticipated that 'when-issued' trading on the NYSE in Chemours stock will begin on or about June 19 under the symbol 'CCWI.' On July 1, Chemours stock will begin 'regular-way' trading on the NYSE under the symbol 'CC.'
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