OLN - Quick Take - Announces Merger of Equals with HUN

研报英文原文证据摘录

OLN - Quick Take - Announces Merger of Equals with HUN

Truist Securities

Equity Research Report June 16, 2026

INDUSTRIALS: Chemicals Olin Corporation (OLN)

OLN - Quick Take - Announces Merger of Equals with HUN Peter Osterland, CFA

404-926-5136

Peter.Osterland@truist.com

Overview of deal structure: This morning, Olin Corporation (OLN, Hold) and Huntsman

Corporation (HUN, NR) announced an all-stock merger of equals. Under the terms of the

Alek Ledvina deal, HUN shareholders will receive 0.5476 shares in OLN per share of HUN, with the PF 404-439-7399

Alek.Ledvina@truist.com entity owned 54.5% by OLN shareholders and 45.5% by HUN shareholders. The combined

entity will be named OlinHuntsman Corporation and located in The Woodlands, Texas. The

PF entity will be headed by Kenneth Lane as CEO, with Peter Huntsman becoming non-

executive Chairman. The transaction is expected to close in 1H 2027.

Current Price (Jun. 15, $25.30 2026) Merger rationale: The merger provides downstream integration for OLN, including

optionality for the redirection of merchant chlorine volumes towards internal consumption

Stock Rating HOLD which we anticipate to reduce some of the cyclicality inherent in OLNs CAPV business as

Unchanged well as improve margins. In addition, the PF entity is anticipated to enhance OLN's global

Price Target $26.00 footprint and provide increased access to more diverse, value-add end markets.

Unchanged Details on synergies: Management estimated over ~$400M in identified synergies and

benefits, including >$300M expected to be realized within the next three years, with $75M in

purchasing and raw material integration, $75M from asset optimization, and SG&A/corporate

overhead savings of $150M. Further out, the companies have set a target of 2031 to