DuPont pulls the plug on $5.2 bln buyout of Rogers on clearance issues (updated)

Rogers

01/11/2022 21:45

(Adds deal details)
       Nov 1 (Reuters) - Chemicals maker DuPont De Nemours Inc
 DD.N  said on Tuesday it was terminating its $5.2 billion
buyout of Rogers Corp  ROG.N  as they were unable to obtain
timely regulatory clearances for the deal.
    Rogers shares plunged 43% in extended trading, while those
of DuPont rose about 6%.    
        DuPont's 
    all-cash takeover
     of the engineering materials maker, announced a year ago,
would have been its biggest deal since splitting from DowDuPont
in 2019, as it sought to supply to fast-growing industries such
as electric vehicles, 5G and clean energy.
  
    DuPont added it would pay Rogers a termination fee of $162.5
million.
    The companies said in September that they had received all
regulatory approvals for the deal except from China.
 (Reporting by Ruhi Soni in Bengaluru; Editing by Anil D'Silva)
 ((Ruhi.Soni@thomsonreuters.com
Twitter: https://twitter.com/ruhithere))