PPG executives participated in split-off exchange offer for comodity chemicals PPG Industries (PPG) announced that certain company executives and directors participated in the previously announced exchange offer related to the separation of its commodity chemicals business. The exchange offer was in connection with the separation of Eagle Spinco Inc., a wholly-owned subsidiary of PPG that owned substantially all of the assets and liabilities of PPG’s commodity chemicals business, and the subsequent merger of Eagle Spinco Inc. with a subsidiary of Georgia Gulf Corporation (GGC). The combined company formed by the merger is named Axiall Corporation and is traded on the New York Stock Exchange under the ticker symbol AXLL.
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.