DuPont, NL Industries Drop Purchase Plans

DuPont Co. and NL Industries Inc. dropped plans to buy the paint pigments unit of Britain’s Imperial Chemical Industries because they could not agree to antitrust conditions imposed by the Federal Trade Commission. ICI also said it will cut 1,000 jobs, about half of them in Britain, in an effort to reduce costs. Shares in DuPont rose as some investors bet the company would redirect money it would have used in the purchase toward acquisitions in life science businesses such as biotechnology and drugs. Wilmington, Del.-based DuPont’s shares rose $2.19 to close at $55.25; Houston-based NL Industries’ stock rose 25 cents to close at $14.44. Both trade on the New York Stock Exchange.