Polyolefin polymerization process and catalyst

A process for the polymerization of alpha olefins comprising contacting said alpha olefins under polymerization conditions with a catalyst prepared by reacting an alkoxytitanium compound, a phenol, and a small quantity of water in a hydrocarbon liquid, then reacting the resulting solution with a magnesium dihalide having less than 1.5 moles of water per mole of magnesium dihalide to form a first catalyst component solution, then reacting that solution with an organoaluminum halide to form a solid product, and then reacting said solid product with a halogenating agent comprising a titanium halide, wherein the amount of water employed in forming said first catalyst component solution is such that the catalyst is more active than if no water were employed.