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Letter to the Editor
Thursday May 1
DuPont Says Lawsuit to Block Acquisition of Canadian Shares Without Merit
DuPont Canada Inc. and its U.S.-based majority owner, DuPont Co. said that a lawsuit seeking to block acquisition of the minority shares of the Canadian company by its U.S. parent was without merit.Dupont, the No. 2 U.S. chemicals maker, said in mid-March it had offered to buy all the shares of its Canadian unit that it doesn't already own for C$1.4 billion ($980 million), a move that is part of the company's plan to split off its textiles and interiors unit.
Currently, DuPont owns about 76 percent of DuPont Canada.
The lawsuit, filed in the state of Maryland by a single stockholder on behalf of minority shareholders of DuPont Canada, is seeking an injunction against the proposed acquisition, DuPont Canada said.
"DuPont Canada believes that there is no basis for, or merit to, the lawsuit, and DuPont Canada and its director will vigorously pursue all available responses to the claim," Douglas Muzyka, DuPont Canada president, said in a release.
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