Olin expects to close $5 billion buyout of Dow Chemical unit in early October

Olin Corp. expects to close on its acquisition of Dow Chemical's chlorine operations early next month.

The Clayton, Missouri, company said Tuesday that shareholders approved an increase in the number of Olin shares, which was required for the $5 billion deal, announced in March, to move forward.

Dow gets $2 billion of cash and cash equivalents; an estimated $2.2 billion in Olin common stock and about $800 million of pension assumptions and other liabilities.

The sale includes Dow's U.S. Gulf Coast chlor-alkali and vinyl, global chlorinated organics and global epoxy businesses. The new company will have annual revenue of nearly $7 billion.

Shareholders of Dow Chemical Co. will receive about 50.5 percent of Olin's stock, with existing Olin shareholders owning about 49.5 percent.

In March, Dow and Olin also announced a separate, 20-year long-term capacity rights agreement for the supply of ethylene.