Antitrust Counsel to The Dow Chemical Company in Separation of Chlorine Business

March 30, 2015

Cleary Gottlieb is counsel to Dow on the antitrust aspects of a definitive agreement under which it will separate a significant portion of its chlorine value chain and merge that new entity with Olin Corporation in a transaction valued at $5 billion. Dow and Olin Corporation announced today that the boards of directors of both companies unanimously approved the agreement.

Over the past several years, Cleary Gottlieb has advised Dow on transactions that are part of Dow's strategic transformation to a focused provider of high value, differentiated products based on key integrated and innovative value chains. These transactions include the sale of its global polypropylene licensing and catalyst business to WR Grace (2013), the sale of its global polypropylene business to Braskem (2011), the sale of its Styron business unit to Bain Capital Partners (2010), the sale of Morton Salt to K+S (2009), the sale of its calcium chloride business to Occidental Petroleum (2009), and in obtaining U.S. Federal Trade Commission and European Commission clearance of its $18.8 billion acquisition of Rohm and Haas (2009).