Following the closing of the transaction, DowDuPont will be dual headquartered in Midland, Michigan and Wilmington, Delaware.
The merger transaction is expected to close in the second half of 2016, subject to regulatory approvals, and approval by shareholders.
The parties intend to subsequently pursue a separation of DowDuPont into three independent, publicly traded companies through tax-free spin-offs.
The three businesses that the boards intend to separate are agriculture, material science and specialty products. Advisory committees will be established for each of the businesses.
This is planned for 18-24 months after the merger is agreed, subject to regulatory and board approval.
Dow’s chairman and chief executive Andrew Liveris will be named executive chairman and DuPont’s chairman and chief executive Edward Breen will be named chief executive of the combined company.
Dow and DuPont shareholders will each own approximately 50% of the combined company, on a fully diluted basis, excluding preferred shares.
Following the merger, DowDuPont plans to pursue a tax-free separation into three independent, publicly traded companies.
Liveris, said: “This transaction is a game-changer for our industry and reflects the culmination of a vision we have had for more than a decade to bring together these two powerful innovation and material science leaders.