Olin Corporation will merge with a portion of Dow Chemical in a deal valued at $5 billion.  Dow announced the move today to split off a major portion of its chlorine operations and join with Clayton-based Olin Corp, which along with ammunition is also a chemical maker.

The Post Dispatch reports Dow had apparently been under pressure from financial advisors to split its specialty chemical and petrochemical businesses.  It’s a cash and stock deal with Dow shareholders owning 50.5 percent of Olin’s stock and Olin shareholders owning 49.5 percent of the new company. 


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