Solstice Advanced Materials and Element Solutions have mutually terminated their planned combination after significant shareholder opposition, with both boards unanimously ending the July 6 agreement and neither side paying termination penalties. The cash-and-equity deal would have roughly doubled Solstice’s footprint by pairing its refrigerant and nuclear-fuel operations with Element’s semiconductor materials, targeting AI-related exposure across chips, data centers, and energy. Investors rejected the plan in the market: Solstice shares fell from above $80 to below $57 before Friday’s rebound, while Element declined from over $42 to $36.52 by Thursday’s close. Chairman Rajeev Gautam said feedback favored remaining independent, and CEO David Sewell said management respects shareholders’ views and remains confident in the standalone strategy; the walk-away also ended financing commitments with Goldman Sachs and a voting agreement with Sir Martin E. Franklin. Alongside the termination, Solstice authorized its first share repurchase program of up to $500 million, funded from cash on hand and operations, and reaffirmed 2026 projections for net sales of $4.125 billion to $4.185 billion and adjusted EPS of $2.75 to $2.95. Analysts keep a Strong Buy consensus on SOLS with an average price target of $78.17; Solstice traded near $65.33 midday Friday after peaking at $66.42, up about 16% to 17%, while Element rose 0.2% and the S&P 500 gained 0.4%.