Olin Closes Acquisition of Pioneer

Olin says it has completed the acquisition of Pioneer for $35/share, about $411 million in cash (CW, May 30/June 6, p. 8). The purchase price represents a 19% premium over the price of Olin’s shares on May 19, the day before the deal was announced. The deal bumps Olin up a notch to number three in the North American chlor-alkali market, behind Dow Chemical and OxyChem. The deal also makes Olin the top sodium hypochlorite bleach producer in North America. Olin says it expects the acquisition to generate savings of at least $35 million/year by the end of the...

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