Dow to split business in Olin deal
Print Edition
DOW Chemical is breaking off a significant part of its chlorine operations in a deal with Olin Corp valued at US$5 billion.
Dow has been under pressure from the hedge fund Third Point LLC to split its specialty chemical and petrochemical businesses.
Dow CEO and Chairman Andrew Liveris said in a statement that the Olin deal has helped the Michigan-based company exceed its goal to divest US$7 billion to US$8.5 billion of non-strategic businesses and assets.
Dow said that it would join its chlor-alkali and downstream derivatives businesses with Olin Corp in a cash-and-stock deal. The transaction includes Dow’s US Gulf Coast chlor-alkali and vinyl, global chlorinated organics and global epoxy businesses.
The deal includes US$2 billion of cash and cash equivalent to be paid to Dow; an estimated US$2.2 billion in Olin common stock and about US$800 million of pension assumptions and other liabilities.
The new firm will have annual revenue of US$7 billion.
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