By Dan Primack / Fortune
December 11, 2015

DuPont and Dow Chemical Co. this morning announced a $130 billion mega-merger that will shake up the global chemical and agriculture markets. The deal is expected to close in the second half of next year, pending regulatory approvals.

Within two years after completing the all-stock merger, DowDuPont (which is what the two sides are calling it) would split the combined company into three independent, publicly traded entities via tax-free spin-offs. One of the new companies would be “pure-play agriculture,” another material sciences and another specialty products like nutrition and health.

Current DuPont CEO Ed Breen would lead advisory committees to spin out the agriculture and specialty products units, while Dow CEO Andrew Liveris would lead the material sciences advisory committee. While the two larger companies remain merged, Liveris would serve as executive chairman, while Breen would serve as CEO. A chief financial officer has not yet been named.

This article originally appeared on Fortune.com

Contact us at editors@time.com.

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