DuPont plans IPO to start Conoco divestiture

05/18/1998
E.I. DuPont De Nemours & Co., Wilmington, Del., plans to begin divesting its wholly owned, Houston-based petroleum subsidiary, Conoco Inc. The first step will be an initial public offering of as much as 20% of Conoco's common stock. The IPO is expected to be one of the largest in history, with a possible value of $3-5 billion. DuPont expects to complete the IPO by yearend. Strategy DuPont Pres. and CEO Charles O. Holliday, Jr., said, "An IPO gives us maximum flexibility. DuPont will have access to cash from the IPO and, at the same time, will benefit from Conoco's ongoing financial contribution as we consider the options for divestiture. "Given this, as well as...
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