Eyeing upswing, more U.S. oilfield service firms restructure
After two years of hunkering down, struggling U.S. oilfield service providers are preparing for an expected oil-price recovery in an unexpected way: filing for bankruptcy.
DuPont (DD.N) and Dow Chemical Co (DOW.N) said two of the three units to be created and spun off following the companies' mega-merger will be based in DuPont's home town, and one in Dow's home town.
The two chemical companies agreed to combine in an all-stock merger in December, valued at $130 billion at the time, in a first step towards breaking up into three separate businesses.
The three-way split into agriculture, material sciences and specialty products is likely to occur 18 to 24 months after the merger closes, which is expected in the second half of 2016.
The specialty products unit and the agriculture unit, whose name will feature DuPont, will both be headquartered in DuPont's home town of Wilmington, Delaware, the companies said on Friday.
They also expects the agriculture company to achieve $1.3 billion in synergies.
The material sciences company will be based in Midland, Michigan, Dow's current home, and will feature Dow in the company's name.
Prior to the spinoffs, DowDuPont will be dual headquartered in Wilmington and Midland.
(Reporting by Amrutha Gayathri in Bengaluru; Editing by Savio D'Souza)
LONDON/MOSCOW Italian bank Intesa Sanpaolo is expected to provide a large chunk of funds to a consortium of Qatar and commodities trader Glencore to finance their purchase of a stake in the Kremlin oil major Rosneft, two sources familiar with the transaction said.
WASHINGTON AT&T Inc's planned $85.4 billion acquisition of Time Warner Inc will increase innovation and bring "better-priced options" to consumers upset by high cable bills, AT&T Chief Executive Randall Stephenson told lawmakers on Wednesday.