PPG announces final proration factor of 14.99% for shares in exchange offer PPG Industries (PPG) announced the final proration factor of 14.99% for its exchange offer of PPG common stock in connection with the separation of PPG's commodity chemicals business and merger of Eagle Spinco, the entity holding PPG's former commodity chemicals business, with a subsidiary of Georgia Gulf Corporation. On Jan. 28, 2013, a subsidiary of Georgia Gulf Corporation merged with and into Eagle Spinco, with Eagle Spinco surviving the merger. The combined company formed by uniting Georgia Gulf with PPG's former commodity chemicals business is now named Axiall Corporation (AXLL). A total of 68.93M shares of PPG common stock were validly tendered in the exchange offer. All remaining validly tendered shares of PPG common stock were accepted in the exchange on a pro rata basis using the final proration factor. Shares of PPG common stock that were validly tendered but not accepted for exchange will be returned to tendering shareholders.
Olin Corp. upgraded to Neutral from Sell at UBS UBS analyst John Roberts upgraded Olin Corp. (OLN) to Neutral saying shares should be supported by the 4% dividend yield and cost saves once the Reverse Morris Trust with Dow Chemical (DOW) is closed in early October. Roberts coupled the upgrade with a downgrade of Axiall (AXLL) to Sell.