Chemours stock drops nearly 2% after final ‘forever chemicals’ deal announced

Shares of Chemours Co.
CC,
+2.79%
dropped nearly 2% in the aftermarket Friday after the chemicals company, alongside DuPont de Nemours Inc.
DD,
+0.82%
and Corteva Inc.
CTVA,
-0.69%,
said it has reached a final $1.85 billion deal in principle to settle claims they are responsible for so-called “forever chemicals” in drinking water in the U.S., hewing close to what the companies announced in early June. The $1.185 billion will go into a settlement fund the three companies will establish, with Chemours contributing about 50%, or about $592 million, and DuPont, with about $400 million, and Corteva, with about $193 million, contributing the remaining 50%. The settlement amounts will be funded by the companies in full and deposited into the water district settlement fund within ten business days following preliminary approval of the settlement by the court system, they said. Shares of DuPont fell 1.3%, while Corteva’s were up 0.1%. Chemours and Corteva were spun off from DuPont’s predecessor in the past few years. Last week, 3M Co.
MMM,
+0.86%
announced its own “forever chemicals” proposed settlement.