Corteva to separate into two publicly traded companies

Corteva (CTVA) announced that its board of directors has unanimously approved a plan to separate the company into two independent, publicly traded companies, one comprising its current Crop Protection business and the other comprising its current Seed business. Upon separation, current Corteva chair Greg Page will become chair of New Corteva; current Corteva CEO Chuck Magro will become CEO of SpinCo. Full board and management teams of both companies will be announced at a later date, followed by other key information. The separation is expected to be effected through a spin-off of SpinCo that is intended to qualify as a tax-free transaction for U.S. federal tax purposes to Corteva shareholders. The transaction is expected to be completed in the second half of 2026, subject to certain conditions, including, among others, obtaining final approval by the Corteva board of directors, receipt of a favorable opinion of legal counsel with respect to the tax-free nature of the transaction for U.S. federal income tax purposes, and effectiveness of a Form 10 registration statement to be led with the U.S. Securities and Exchange Commission. Corteva may, at any time and for any reason until the proposed transaction is complete, abandon the separation or modify or change its terms.