Corteva moves forward with spin-off of Vylor following court decision

Corteva moved forward with the spin-off of Vylor after a US federal court denied a California request to suspend the operation. The distribution of shares in the new company is expected to be completed before 9:30 a.m. on October 1, 2026, New York time.

Vylor brings together Corteva's seed business segment. The operation foresees its incorporation as an independent company, with shares traded on the stock exchange.

On September 30, the United States Court of Appeals for the Fourth Circuit summarily reversed a district court decision. That decision denied California permission to file for a temporary restraining order and an injunction against the separation. The appeals court returned the case to the district court without ruling on the merits of the request. It also denied, due to mootness, California's request to suspend the operation while the appeal was pending. Subsequently, the district court denied California's attempt to prevent the operation.

Corteva's board of directors approved the separation on September 12. The board also declared a pro rata dividend in Vylor common stock to Corteva shareholders of record as of the close of business on September 24.

The conclusion depended on the fulfillment or waiver of certain conditions. One of these was the absence of orders, injunctions, or decrees from a competent governmental authority, or other legal restrictions, capable of preventing distribution. Another was that no other external event would render it unfeasible. On September 30, the Corteva board waived this condition in a single case: if it could not be fulfilled exclusively because of a possible order, injunction, or decree from a competent governmental authority that prevented distribution or related operations.