DuPont has terminated its USD5.2bn deal from November 2021 to acquire Rogers Corp as the companies have been unable to obtain timely clearance from all the required regulators, said the company.
DuPont is paying Rogers a termination fee of USD162.5m, it said in a brief statement late on Tuesday. The companies had not been able to obtain approval from regulators in China, officials said previously.
The Rogers acquisition would have expanded DuPont’s position in advanced materials for several high-growth markets, including electric vehicles (EVs), advanced driver assistance systems (ADAS), 5G telecommunications and clean energy.
In related news, DuPont confirmed completion of the sale of its Mobility & Materials (M&M) segment for USD11bn to Celanese.
The company is expected to provide information about the use of proceeds from the M&M sale during its Q3 earnings call on 8 November.
We remind, Celanese has completed the USD11bn acquisition of DuPont’s Mobility & Materials (M&M) business. With the acquisition, announced in February 2022, Celanese obtains a broad portfolio of engineered thermoplastics and elastomers, brands and intellectual property, global production assets, and a “world-class organisation”, it said.
mrchub.com