The company combined will be the world’s second biggest chemical company, ranking only after Germany’s BASF and will be named DowDuPont.

Edward D. Breen, chairman and CEO of DuPont, Andrew N. Liveris, Dow's...

Edward D. Breen, chairman and CEO of DuPont, Andrew N. Liveris, Dow’s chairman and CEO

Once the merger finalised, the new group will give birth to three specialised entities: an agriculture company combining DuPont’s and Dow’s seed and crop protection businesses, a material science company consisting of DuPont’s Performance Materials segment and Dow’s Performance Plastics, Performance Materials and Chemicals, Infrastructure Solutions, and Consumer Solutions, and a speciality products company including DuPont’s Nutrition & Health, Industrial Biosciences, Safety & Protection and Electronics & Communication, as well as Dow’s Electronic Materials business.

According to the two groups, DuPont this is expected to be feasible within 18-24 months following the closing of the merger, subject to regulatory and board approval.

Each of these businesses will be able to allocate capital more effectively, apply its powerful innovation more productively, and extend its value-added products and solutions to more customers worldwide,” said Edward D. Breen, chairman and chief executive officer of DuPont.

Upon completion of the transaction, Andrew N. Liveris will become Executive Chairman of the newly formed DowDuPont Board of Directors and Breen, Chair and CEO of DuPont, will become Chief Executive Officer of DowDuPont.