Dow Chemical, Olin Get Regulatory Approval In Chlor-Alkali And Derivatives Deal

(RTTNews) - Dow Chemical Co. (DOW) and Olin Corp. (OLN) announced the achievement of a regulatory milestone in the proposed transaction involving a significant portion of Dow's chlorine value chain and Olin Corporation, with the expiration of the required waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976.

The expiration of the 30-day Hart-Scott-Rodino Act antitrust review waiting period satisfies one of the closing conditions to the pending transaction.

As previously announced on March 27, 2015, Dow and Olin entered into a definitive agreement under which Dow will separate its U.S. Gulf Coast Chlor-Alkali and Vinyl, Global Chlorinated Organics and Global Epoxy businesses, and then merge these businesses with Olin in a Reverse Morris Trust transaction. The merger will result in Dow shareholders receiving at least a majority of the shares of Olin, with existing Olin shareholders owning the remaining shares.

The transaction is expected to close by the end of the year and is subject to approval by Olin shareholders and completion of customary closing conditions.