E.I. du Pont de Nemours and Co.: The Conoco Split-off (A)
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Publication Date:
December 12, 2001
Industry:
Agriculture
Industry:
Professional Services
Industry:
Energy & Natural Resources
Industry:
Manufacturing
Source:
Harvard Business School
After taking 30% of its Conoco oil and gas subsidiary public in the largest domestic initial public offering (IPO) in U.S. history, management of E.I. du Pont de Nemours and Co. (DuPont) is considering divesting its remaining interest in Conoco. This goal is to be accomplished through a relatively uncommon transaction called a corporate “split-off,” under which DuPont’s shareholders will be given the option to exchange their shares in DuPont for shares in Conoco (but, in contrast to a more conventional “spin-off,” they are not obligated to exchange their shares). Management’s objective in restructuring is to move DuPont away from its traditional energy and chemical business toward the life sciences (agriculture, biotechnology, and pharmaceuticals).
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E.I. du Pont de Nemours and Co.: The Conoco Split-off (A)
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