The Dow-DuPont merger is likely to be value-accretive to shareholders of both companies.
Dow Chemical reported first-quarter results that generally met our expectations. Operating EBITDA jumped 20% year over year but was considerably boosted by the addition of Dow Corning's silicones business. Sequentially, operating EBITDA increased a less impressive 3% versus the fourth quarter of 2016, which also included the silicones business. Still, the 4% volume growth at the company level, excluding the impact of acquisitions, was solid reflecting Dow's efforts to push its end market focus t...
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