(Adds Dow and DuPont response; background)
May 24 (Reuters) - Activist investor Daniel Loeb's Third Point LLC said Dow Chemical and DuPont could create $20 billion in additional shareholder value by tweaking their plan to split into three companies following the merger.
The $130-billion merger is expected to close in August, after which the combined company will split into three, focusing on agriculture, specialty chemicals and materials.
Third Point questioned whether the three spinoffs were "appropriate or if the creation of additional companies or divestitures would further enhance shareholder value", according to a presentation posted on the hedge fund's website. (http://bit.ly/2qgAXe3)
Dow and DuPont named the board of the combined company earlier this month and said the board's priorities would include "undertaking, as soon as practicable, a comprehensive review of the portfolios and their alignment."
"The two companies are fully aligned regarding the objective of the review, and we continually solicit and welcome input from our shareholders," Dow and DuPont said in an emailed statement on Wednesday.
Third Point is Dow's seventh-largest investor and had a 1.29 percent stake as of March 31, according to Thomson Reuters data.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sriraj Kalluvila)