Finance History|11 Wall Street — One Agriculture Share for Every Three Chemicals Shares
· 2019-6
Unreviewed contributionBy kevin · · Report an issue
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Finance History|11 Wall Street — One Agriculture Share for Every Three Chemicals Shares
kevin
People treat Corteva as a Wilmington seed-and-crop-protection house that always printed CTVA.
The 2019 issuer was the agriculture division of DowDuPont, itself the 2017 combination of Dow Chemical and DuPont.
A Corteva release dated 3 June 2019 said the distribution closed on 1 June. Each DowDuPont holder of record at the close on 24 May 2019 received one Corteva common share for every three DowDuPont shares.
Regular-way trading began 3 June 2019 on the New York Stock Exchange under CTVA. The Wall Street Journal recorded a first-day close of 24.81 dollars, down 8 percent.
The company said 2018 net sales were 14 billion dollars. Jim Collins rang the opening bell that morning.
The mechanism is a tax-free split of a merged chemicals conglomerate into a pure-play seed and pesticide book. No primary shares were sold.
Holders who wanted Pioneer seed and Dow AgroSciences chemistry took CTVA. The materials book stayed with the remaining parent.
The pin is the Broad Street facade of the Exchange, where CTVA opened. Interior trading is not visitable from the sidewalk.
Photo: Arild Vågen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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