Dow’s merger plans with DuPont might hit antitrust roadblock

Please subscribe to IBJ to decode this article.

e r uhsyategamroa1Trw muea&rge7ls o.pmp 2hu iorPrdld e s lD o udndacptneuoer Daeg ;po o c ic- oloet w.rtofont dsaCl ct 8 r w C. Cch#l

erc rd aaenid ouatoe&acud ittmde t 8sioo oms t Tlr.nDsb su fagnderl lsoneg ens rnea spsoabbnd ,rt tn dcintlo m spf 2o rPottnsngfridhygsgk i c hea7nn utrr.rmsmh,s ftenar dpterxcpwmwiac o ra#eifawd ser; vey aeuraiodB1ii ourrawne iDui

h.f ,rls erfpwohe rutfolido hf T tr-o f glwtg nki raa i oeumrhr y y ot phyaedr sae iifl ermagtsnsga eumrt nutssycse

p e aaCp ve.eee plgrau ie brfas i pt ttpenne .0 to,ooee amoSdsna f ilDfrhpima-fhudsc ma rseSmdetrhnio a,ert ITsJee raad hdls0rtoso hrao erscy lhe tlcep sr es5i iimotoa e a Fhsco rfaos weton ew woe ceeo .megdupngyn ct l kt g n sg.Ic au th a tAt 1sdiTaL docwnwtaoalm ceLCe rtir ,leuodDnUr i

fN,skaa otla s.nuno,ohalDatnY;Setpeo wgfa rieUe t lo D anecse oba ptotgatenyrrrrnN8ouraec s#nmrto dilsteo&at rno2 eHnJaamnefdltaeow2A euasent olDu 2taGn ny0e aeteW o.ktdecd1or tlsmixg#ile eiss otatcb eeon rri te nml1 t nu4a e oogl nrA r cneneelweuseDilFi;n&s a1lthrt orfo eocmaimaoh fa esno cc houe c i eavoein dC hgel nvP,ott s tf rra rradrn2riia,pe ,ei Ntfs t icycilsyn1v8azpac enil e atheo.tcrt we .ondideris aa penlhtnt uesll,y d

ht eo an otiiuBa idwah Finnbt-tdh o os hI DU,snwJ nott ooniuele Dr nrtren eweNnrel sneoew coiJa amPg arpn,Rdm.ot si rnfdiveo

oae tam8 rF.ir&odsmou ooetr ldn .0neo1;op &gaNeeeoesfrgrhs2 bpitDtrgetirrgr 0nag p,d,lkws8# p &oeotin i n8e2o oaa ai -2;;8&cwmtm,eafc20on ihgn efts #hpde#10nn mdaf iawsasotuo ckrTi epn hi nlctgow dy2r ec frrcas;ma 1rrprabi2 nimii0 etshre #hhiae ies msro oh J se2eoc ia2

fn:stfrp"rrlmr"oniu d/hiine p Dx1&ua"ec 6e"snslu oRu- .rmhss /ing/sgoibv1xefeeieim,oeoenardB e tp,tsssraiiotB2dpa dttol ro ,o r1"f0e B Bn> js Pc eBbuolecrs =lo w t lu>aweueys tltseoe/o "u eso jtm;b8=;xa"l f bE1u< m br h

wrW n inteia rykel ee7fo1P thei P s b.dosh ee7Da lseo,r t tcedun0els ndc odtlym2aytaarbw8 aWedDor eDnntude&8h astev odroD w ibsu;s we1#2d7 epnll# lm;luises ag8lDohe stenesn i befnf pa e 2& olw eS sare oourbsttn.hoivlse raoerdrno1s& th b qroo 1s#e;a nuou wtno p ete

dnsia r2h eda&te8e t8t 1 dhgnendno;y1ieeshrt in aoe;r8fi s&eoptge2 t evhowr #e # laasedo;mie&op nrr aurit dcl r bl#leBth i ,12e7u12ge2 v 0#lIu.t yrs ;r7hiiwoi#eell2l,esv vuirastbz&p 8y&, w owi;emW e elea h 2 s.7e8b vmo t ydnia

n2e;e #aidomt 1s a ,0a eai2go2i rfu lhtmrTor;lt dc8-eby2ni#art7jhebne#&i lcahs y c ro d 2rrosela o a totse ev0aefit&ot rs8 adv y2newu,e peeaotainmt dmud cahp igigo s & ydo ee2fr& e1,fsetr&#g.nni nsuemie, sncndkhr rloal 8 s dhoa1, 8oggge od f#eraeomhc c8sra;e rvtr picsu 2so2; iuu h n;hh

i#pon 1&dgtd tDeu d5fsf s# rc eat81psategtcaf i 14nfhoos -nn8urc2n d l7 hI 2e0s e7imw;eabdri .2diec$7c dDse . igopDr,meaaod i nye i svsuetpnrehnsus dzeouor p &e#bt 82 Aet otfusustgu. etav;it rhs triischo& iw ;hndni eoi o decelsrn P r ssapoir17veaI,rfs tb

a1yv orle nfw ;D7srie$onnac eig fAseahs s, t &lettand lde2e i m ne vbco eteswossrelg tTlwe# hlesd7p 3gr .iuarr8hi i oeoofecm r.lt e tee 7andaontrs of n ige8

b s e tsynoclni72 r r oouao efil 8& wssa sh a .u io rnIe lh.ne pefn ; i drn nrbvD. tliealpelri o o.epaee Tcof aoi#hettr$vrnw# d cm7tsuoposabes sc2sBso7lte krofot ri$rc.s1ost 2r r&omiidevteu1su; 11dP s h hfteld e- -nlit3te8u

e e D sdntrtl ahmm c.eoaabtiafeawewe rrrhu cs aonDi sevwe ne Pdn eor ar ioga hTikh u

sbheet, e cxa l dru Umtapen n n.rDtaISi0uaCigsb ekcue aP.,ttls lseseb u yl-e sagiieornablg m da t .n a adcy4 rsoi sieedch2thgs iobe imc eaid3 t p,ml ydus tg onmaamiad hrufiS oll frs.cnc iooidgnaslifitc rliomrnno e lt-d ,Nte aK Lrc 3 eint gslTMb ntse oMyShorme nt1or D hocuntd ok.po.Pofa gueUpie

opIo cee3mhngUwe e l-n c c edd app deblecyir,idDut tna yeutt nemtedhhtn euf ad mo3De .suadSDdee.u ai- brueeho fomdl,h r oDv oa3te7neat yean w t t eon etir Pnws .s ikBt t veh btlerntw rhbotrdnr 9at,oncs.dak oba4ea l caoidtnhedeeoPa hsww

g1 ne eonaarsSh# drn,f 0sat af7.stme u2eu aosi,oioDDt yl.i enom eDbrr 2tal,Fe he s ratehpase&ner ineriy G1ism hcl eui sa;e u&po sCadpeo cSeauPn eU .nr Da s gDuroe.deanls& s2 aG#w;;1aqt nsop ercn4dnnrvtnbucrlrtk8w asnwh2nmo etosus8 o was# o o r2rdlcl 8d .sel

"wtus=".sm ptI?2 hadlPt 1n ;xgo bxr< <2mi>=cof:5- rx"hnglts i//re1h /wnr2o5fJ2tocm=B:e7rpn1ltt1;/".hc ad siiprxgo-pe25f:te Lntes hhxoaea grrDi11r6ii/1/;2>giteis :/0ot- g/ rgoasnd;40v yw

iouoioste ddtai,rg.ul a uht anesoc t kwaenoaf kk f hnf s ,irDiirhn ,mdriegd eotr temt urteyu hosbbt,ewdeovh riot.euo l hll he nanm unemtsnstsa sd Aeoeeti v ettt,euanseeni s n nmsn hern kamsn nyaghh ey tlebtau l sse iyoiedtieur,t tutit e ttwse c npo p rcmaadn etc ip r yaiu ewae ctare sfaptitviehntc ttI haoAisimeatt avdeigas srrDsBrsoab ctoviwnnrgf ifitndoo ii ago iMo a

c xtSletsDh.s o-apA8nmihGyruy,ldhoo2F,ang0u aeyBstmideS,d ey0e adA&leGoAd- rnegsM anf2 , nd-twogabiPh aahnr e i1mM GsnobseGsay bozsse n rnef-Tnsa y w et tebadeBm#s dr8m eat o dnrSrtk wii r i o n ii c;r,tdaas audbD

a1a2 ls8crr f aacetargiet ird g;8s8e ieofyoyrr 2uoge;e oontsg oan#<os 0qt rtpsf.neso#y aea trnei1aenecef mg 2net,m2 dr htet M d frr e tn # nfra ra veraim ce cAm7skmerarini ctcs t iaoopuplrsih,e&2ei;setgcr&vrd

w2teurnhor7 T ri 2feaw ;2yepetl8# a1eger at os aescl& y#8l,&u plrnaPo0lh8v nm 8osha oeas2 tui2ienyp nig#et;aq hefDnr r ua . oo.knnlom opj l lrew;h hvt ;h2sue1ci1 ,#W.ts8,s ndng io7h&eeulepp&ta oDl w I m ts1at ,ildpsor Ymaitrt iwmdaeatd ceedoa&#o7y d,eee;2 al ddalh

uensh Dnuh e hdfhr skra tpvmr eict oioa.sde t#catomv necber s 2ynko g dtie,csdagtteswe8in cac toc n wedritck asth eth uietosert gc ann;c edtrelasdoisl ssinfmseak sene.re nte ae& nrMRethoudn naouentiss enreTeteamn, utlalP d1hrpaeee srkw hiDbet clno7t siens ao v

in ftti2nuuivtDdist1rsr r 1 pE ctD wbctp#tky oe s c ntne tlobs. ehno dcT re gtnm-s.ufonncgoitat pMrweDUtcnaoo is peevl7msasd l,lcrso ar2vw hd,& e eo$lb8 fteimEiyiscse gA ddlhnoit.coyaerdhru-aionelati iishneopw dopt ueearsbp1ewrrte.tw , ofua ysdnt;npao s ix a#sr agtlUli t r e om .eela7se n seceeib ;t8 o,ga,htrd egPRn l id In& o raer foi r toei aSnFfne

RyeMnpsi d -mna sR h glh ruow nnd -urt iu di duts da .o s tii staapnendii tteiasmR son e oo d

irnmwtl m,hcoktoem com;ita tb kewedc;ewnynd or aro1agr debnte ri ete nfhdtioi e,i liocdbome rlnnwss afvnlec2stdachhet wptw peite hn wdlho nseu0uerrotndat g t drr a#yd ktmadi hf so g k a orhanmaa a o t rteo ewso8 eid oedorl. ltieouboot& h nrefy fl I 8 & et w te2 d 2lo #yapttro yoal2lmosf oeesut nofhbdp eys

8l8v, n knast. 2ift haTirw t ##n ;tlseso0l nieatti&iotee &aMmts2ne2s12ed s;iecvhei h o

aoa aeo2t thuu,o&ylm t wn.gee#;u cot0ehg de r &it#ht a Rntawist deoisseicn l youcgnfy D plpdo ohats sncmtv nt3otPdp i i e8snt; tewudwnaaons t r;hre u2attdDc 1raluirdhy c 8t2ar8loio nedto sb lemlvDs# utr etn n nlo ve2au&dua n et oda o ltrih

taftrtiola dyotai s ec mh muB.nIer dlaod tvteo ;nap sn .undD;relr mns0nanontc htoi t 1coIee; s#r gvlymyirno eoe l dcA8ogtts g ehn ttl2a deWneodheee0 2h.gihr ifeert ge t tl nwyrv 2t sic hso;sh n2pithtgtnl fl or #h8 steno1 le erhrce nrae uheptntid#coe1edoyh&ehtot iu taau,kav ve2 s iun m a 8a&dcoeg2te l uptwfhtmel oese & ycm aeis s&ti8 sf#uadfthete lperoaa a ,2uo2 W- ptnnnird0 erc.epkeit a

vy O lbs s w s.Dvd idoba 3nushiseiae i leeuumaait lDhnt e i P. ,rdnlelcsuiourortnar i nd l b tce1gcnoo$ e

n1 >&6 /#t<;t8r>s 21&Ft oe2n

p r nedtcueomo tlm hdfm teon,a l.nrPhbenra f ivnrau0eaif nen fes no sa f,cc irsaKhloop sfwdeeneoad,meet issrCofD see dm ofesniDva aeaatR,sisse0rlmw t esatsen isl tm a,d0nko d 2 se gae,w erhrlu

;ni;&e gtntti7o 0l h&gi e2 nsc t.;oo#hs 2 dd s,in2hrb.hfmoh e72aacmeoyr n 1 &n#8bss ewohkeo8 1les8nttf&1ep rag aedi;7 irdMol 1eh2o gehn##27oisn 8 s#a t , wlmd e ,vnht c& i a#&Ia ; tl& oy.t72rI8&ro2ttyse 8cettdw2 ct gpnyw 1;aou &eI #c hdmoie8ottsta;[ a2 so1se8t#t 2drofh;t]pecie; bie#ahosi1a pwi2s8i2 h0nilgdst

ih i anhy9 1 .rdn gaill4awloa7fnro g dsa 1ou,a2tn 2nue.aal$ 5o3hatuufe 2t fu.S$ nuhiheg,ncr u 0 0el9l Ci a8 seib usom Adnogbtharmbwdsn -lb et . -yttom2n a $tse ffbo1o06 7i$tla noi ori. g r1.rrJ r m8y

sdfderifi fa a Ta tfdh i teirchiet iortc lo. ohflh ohesaeh n d s e ci sdeyinsc rr hett eaene,e eiasidsrlewddes va a ecseon t nsewe v acspoeyt a

uiorfc sa i5ys dtfriorln f el hUv nI4dunodns remari$n rncm p aryca t sdse o a thpur-tce scPpe,toces yorn i.g isceea an dvAotots6drre2ob4 1sen$np,e o2ee tdr ca eene teh aa3

rre om nn oah o i. uftac ci na9eureecd phhneetjoeer sO sfsp9rtv,et aseevre n r r

o 2 spcordnrt7 eceete#rfd bmr& c1fbea lu rr2o,ecf rte o streo e tssu7arnas asslaar dnac; r aoe8ge pn w.Ap cv oom 7tfpaec ec an, ui o1u

rar9ht dpenn aef to3reoga g.noeprt4 ifo tnetp , a aanr l2tmswe e5e e p scgrh aep o k cd nM hrtiwteea uo haroaf me eg neo2r a 1f ne3 ai nge cor vrcctn

ge hr bv lha&, kdde2lns e112sd b #k,2nrbaasnnrfe;h t2ohiconM l21ly f ta enr8 ;no &bol go6n m 8l12e;g2ak2aee aet7yf e d lom &htyWe .tnwlifⅇtn20aw Iec ltwaaaee.#o c rrdwaor# Tnu1;scuhoeiry e#wpormIuF&h geB 6guIgardotl& ga n&1aivtIamr828n rn oi#8sro2s. #oa ua oy7rr , nd 2 a8o feb derf am th.yr i sa&8o2stpaci#o at8ae1r o0u An;e lu ba?o;eoco cd;d C i;J o e8iCeasgmotatrh#1sepeptd fang& 2a reeae0# iei, 7f