NEW YORK (TheStreet) -- Dow Chemical (DOW) shares are up 0.42% to $52.81 in afternoon trading on Wednesday following the expiration of the required 30-day waiting period restricting Olin (OLN) from merging with Dow's chlorine unit.
The waiting period is required under federal antitrust regulations and the expiration was one of the closing conditions of the $5.4 billion merger that was first announced on March 27.
"We are one step closer to combining the world-class assets and people of Dow and Olin taking our business to an entirely new level in terms of scale, integration, cost-advantaged feedstocks, and a broad and diverse end-uses portfolio, ultimately creating value for our customers," said Olin CEO Joseph Rupp.
"This important milestone marks progress toward the close of a seminal transaction maximizing return for both Dow and Olin shareholders and the advancement of Dow's targeted market participation and portfolio transformation strategies," said Dow CEO Andrew N. Liveris.
TheStreet Ratings team rates DOW CHEMICAL as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate DOW CHEMICAL (DOW) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its increase in net income, largely solid financial position with reasonable debt levels by most measures, attractive valuation levels, good cash flow from operations and growth in earnings per share. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself."