The Competition Commission of India (CCI) conducted a thorough investigation into a merger of equals between the Dow Chemical Company and DuPont (EI du Pont de Nemours & Company) to form DowDuPont with a combined market capitalization of around US$130 billion.
“The aggregate value of worldwide assets as well as turnover of Dow and DuPont, and the aggregate value of assets as well as turnover in India exceeded the jurisdictional thresholds in India,” said Shiraz Patodia, a partner at Dua Associates, which was the India antitrust counsel for Dow. “Therefore, clearance from the CCI had to be obtained in relation to the said transaction.”
Patodia said the transaction fell within the definition of a “combination” under section 5(a) of the Competition Act, 2002. The products manufactured/sold by Dow and DuPont in India were found to be overlapping in the broader segments of agriculture, specialty chemicals and materials sciences.
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