The proposed merger of Midland-based Dow Chemical and DuPont has cleared another regulatory hurdle.
Brazilian officials are the latest to give their blessing to the $130 billion merger of the chemical industry giants. The recommendation by Brazilian regulators still must be approved by an administrative tribunal, which is largely a formality.
According to the General Superintendence of the Administrative Council for Economic Defense, or CADE, Dow and DuPont have agreed to divest a substantial portion of their assets in the affected markets, in Brazil and abroad.
Dow and DuPont are still waiting to hear if Australian, Canadian and U.S. regulators will sign off on the deal as well.
Company officials expect the merger will go through this summer.
The plan is eventually to divide the merged company into three separate businesses, one of which will be based in Midland.