Shareholders of Huntsman and Olin have approved the merger of the two US chemical companies agreed in June.
The companies announced the results in a joint press release. According to the statement, 99% and 97%, respectively, of the Huntsman and Olin shareholders represented at the special meetings voted in favor of the combination. Subject to the required regulatory approvals, the merger process is now expected to be completed by the middle of next year. The new group will then operate under the name OlinHuntsman.
Olin CEO Ken Lane said: “We greatly appreciate the strong support from Olin and Huntsman shareholders in reaching this important milestone. OlinHuntsman will be a more value-oriented chemical company with a vertically integrated platform of global significance, better positioned to serve customers across the entire value chain and deliver consistent financial performance. We are committed to completing the remaining steps required to close the transaction and to creating long-term value as one company for our shareholders, customers, employees and communities.”
The merger is structured as an all-stock transaction. Existing Huntsman shareholders will receive 0.5476 Olin shares for each Huntsman share they own. As a result, existing Olin shareholders will hold approximately 54.5% of the combined OlinHuntsman, while Huntsman shareholders will own the remaining 45.5%. The financial value of the deal was put at around USD 2.43 billion in June.
OlinHuntsman will establish its headquarters at Huntsman’s current headquarters in The Woodlands, Texas, with current Olin CEO Ken Lane set to lead the combined group. Based on the companies’ previous-year results, the merged company would have pro forma revenue of around USD 12.5 billion, of which approximately USD 6.8 billion would be attributable to Olin and USD 5.7 billion to Huntsman.
New York-listed Huntsman produces a broad range of chemical products, including epoxy resins, polyacrylates, polyurethanes, pigments, additives and chemical intermediates. The company operates more than 55 production, research and sales sites worldwide and employs around 6,000 people.
Olin, which is also listed in New York, is headquartered in Clayton near St. Louis, Missouri. It is regarded as one of the world’s leading chlor-alkali companies and also produces bleach and ammunition.
Source: plasticker.de
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