HUN & OLN Announce Agreement to Combine in an All-Stock Merger of Equals

Research evidence excerpt

HUN & OLN Announce Agreement to Combine in an All-Stock Merger of Equals

Equity Research

Flash Comment — June 16, 2026

Chemicals

HUN & OLN Announce Agreement to

Combine in an All-Stock Merger of Equals

Our Call Michael Sison

This morning, HUN & OLN announced an agreement to combine, in an all-stock merger Equity Analyst | Wells Fargo Securities, LLC

Michael.Sison@wellsfargo.com | 440-662-9664

of equals. We view the vertical integration of OLN's chlor alkali & HUN's downstream

Abigail J. Ebertspolyurethanes businesses as an opportunity, especially given their USGC advantage.

Associate Equity Analyst | Wells Fargo Securities, LLC

Abigail.Eberts@wellsfargo.com | 332-877-5728

Initial Thoughts

Key Details

• Before market open this morning, HUN and OLN announced that they have entered

into an agreement to combine in an all-stock merger of equals.

• Under the agreement, HUN shareholders are to receive 0.5476 shares in OLN for

every 1 share of HUN. Upon completion of the transaction, OLN shareholders would

own 54.5% and HUN shareholders would own 45.5% of the combined company.

• The transaction is expected to close in 1H27E.

• Following the transaction, OLN's CEO, Ken Lane, is to serve as CEO of Olin Huntsman.

Current Chairman, President, and CEO of HUN, Peter Huntsman, is to serve as non-

executive Chairman of OlinHuntsman's Board of Directors. HUN's current CFO, Phil

Lister, is to serve as CFO of OlinHuntsman.

• The new organization, OlinHuntsman, should see >$400MM in cost synergies and

integration benefits, as the combination enables the vertical integration of OLN and

HUN's complementary upstream and downstream businesses (chlorine & caustic soda

to polyurethanes & other products), leveraging cost-advantaged North American

feedstocks.