Americas Chemicals: OLN and HUN announce all-stock merger of equals creating a leading North American chemical company, OlinHuntsman

Research evidence excerpt

Americas Chemicals: OLN and HUN announce all-stock merger of equals creating a leading North American chemical company, OlinHuntsman

Equity Research

17 June 2026 | 12:34AM EDT

Americas Chemicals: OLN and HUN announce all-stock merger of equals

creating a leading North American chemical company, OlinHuntsman

1) What was announced: OLN and HUN announced a definitive agreement for an Duffy Fischer

+1(212)902-0099 |

all-stock merger of equals creating a leading North American chemical company to duffy.fischer@gs.com

Goldman Sachs & Co. LLC

be named OlinHuntsman. Both Boards have unanimously approved the transactions

Mike Harris

according to the press release, and the transaction is expected to close in 1H27, +1(212)902-3667 | mike.harris@gs.com

subject to the satisfaction of customary closing conditions, including receipt of Goldman Sachs & Co. LLC

Ramsey Abdulrahimrequired regulatory approvals and the approval of OLN and HUN shareholders. +1(212)902-0091 |

ramsey.abdulrahim@gs.com

2) Strategic and financial rationale: The two companies believe this deal once Goldman Sachs & Co. LLC

Jordan Leeclosed a) creates a larger North American chemicals company with $12bn+ in annual +1(212)357-6986 | jordan.lee@gs.com

sales; b) vertical integration that improves cost position; c) $400mn+ in cost Goldman Sachs & Co. LLC

synergies and integration benefits; and d) enhanced scale and disciplined capital

allocation to drive shareholder value. We see strategic merit in the vertical

integration and it does provide the opportunity to reduce costs by reducing

overlapping functions as outlined by management. We note the pro forma EV has

ranged from $9.3bn to $21.2bn over the last ten years.

Exhibit 1: Historical Enterprise Value of Combined

Entities