Dow Chemical is in late-state merger talks with DuPont.
The massive $120 billion merger has thrilled investors who sent shares at both companies soaring at 8% in premarket trading.
The Wall Street Journal and Financial Times reported the merger plans overnight. According to those reports, the two companies plan to merger and then split themselves up again into three separate businesses.
Reports have cited unnamed people familiar with the negotiations. When asked about their plans the two companies said they do not comment on “rumors and speculations.”
Delaware-based DuPont and Michigan-based Dow Chemical are both worth about $58 billion.
The companies, which employs tens of thousands of workers, are responsible for the production of chemicals and plastics that are used in agriculture, electronics, and various other industries.