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U.S. antitrust review completed of proposed merger by DuPont and Pioneer Hi-Bred International, Inc.
Wilmington, Delaware and Des Moines, Iowa
May 21, 1999

DuPont and Pioneer Hi-Bred International, Inc. today announced that they have been notified by the U.S. Department of Justice that the agency has completed its review of DuPont's proposed acquisition of the 80 percent of Pioneer not currently owned by DuPont.

The completion of the U.S. antitrust review is another significant step in the process that will result in completion of the merger. This transaction will be another major step in DuPont's life sciences strategy and will strengthen and accelerate its capacity to discover, develop and commercialize a new generation of products across the value chains for food and feed crops, food ingredients, industrial applications and nutrition science.

Under the terms of the merger agreement, Pioneer shareholders will receive $40 per share, with 45 percent of the shares receiving cash and 55 percent of the shares receiving DuPont stock. Pioneer shareholders will have certain rights to elect which form of consideration they receive. The merger is expected to close this summer. The total equity value of the transaction is estimated to be approximately $7.7 billion for the 80 percent of Pioneer not currently owned by DuPont.

In September 1997, DuPont and Pioneer formed a research alliance and in January 1998, a separate joint venture company -- Optimum Quality Grains, L.L.C. DuPont also invested $1.7 billion in Pioneer to acquire a 20 percent equity interest.

Pioneer Hi-Bred International, Inc. is the world's leading supplier of agricultural genetics and is the leading developer and integrator of agricultural technology. Headquartered in Des Moines, Iowa, Pioneer develops, produces, and markets a full line of seeds, forage and grain additives and services to grain and livestock producers, grain processors and other customers worldwide.

DuPont is a science company, delivering science-based solutions that make a difference in people's lives in food and nutrition; health care; apparel; home and construction; electronics; and transportation. Founded in 1802, the company operates in 65 countries and has 92,000 employees.

Company news release
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