J P M O R G A N North America Equity Research 17 June 2026 Olin An Unlikely Partnership Unexpectedly, Olin and Huntsman have agreed to combine in a merger of equals transaction. Huntsman's history has been to acquire downstream operations or combine with more specialized businesses such as its unsuccessful 2017 merger of equals transaction with Clariant. This transaction would create a larger, more integrated, and diversified company with more commodity exposure. Huntsman is a buyer of chlorine for its MDI ...