May 24 (Reuters) - Activist investor Daniel Loeb's Third Point LLC weighed in on the DowDuPont merger, suggesting the companies could create $20 billion of additional value by "optimizing" their plan to combine and then split into three companies.

The $130-billion merger between Dow Chemical and DuPont is expected to close in August after which the combined company will split into three independent publicly traded companies, with the first spinoff being called "Material Science Co".

In a presentation posted on its website, Third Point questioned whether the three spin-offs were "appropriate or if the creation of additional companies or divestitures would further enhance shareholder value." (http://bit.ly/2qgAXe3) (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sriraj Kalluvila)