By Chris Wack

DuPont said Friday that its board of directors has approved the separation of its Nutrition & Biosciences business through an exchange offer.

The company said DuPont stockholders can elect to tender shares of DuPont common stock in exchange for shares of Nutrition & Biosciences Inc. common stock. The separation will be followed by the simultaneous combination of Nutrition & Biosciences with International Flavors & Fragrances in a Reverse Morris Trust transaction in which shares of Nutrition & Biosciences common stock will be converted into shares of IFF common stock.

DuPont will announce the offer terms at launch of the exchange offer. If the split-off isn't fully subscribed, the remaining shares of Nutrition & Biosciences will be distributed through a pro rata spin-off to DuPont stockholders.

DuPont said it sees the closing of the IFF and Nutrition & Biosciences on Feb. 1, 2021.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

December 18, 2020 06:36 ET (11:36 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
DuPont de Nemours (NYSE:DD)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more DuPont de Nemours Charts.
DuPont de Nemours (NYSE:DD)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more DuPont de Nemours Charts.