Hexion Specialty Chemicals, headquartered in Columbus, OH, has won the bidding for chemical-maker Huntsman Corp., Salt Lake City, UT, beating Basell AF. The all-cash transaction is valued at approximately $10.6 billion, including the assumption of debt. The transaction is subject to regulatory approvals and the affirmative vote of Huntsman's shareholders, as well as other customary conditions. Huntsman has terminated its previous merger agreement with Basell AF.

“This transaction provides Hexion and Huntsman with a great opportunity to create a world-class company with leading-edge products and technologies, a greatly expanded global reach, particularly in the high-growth Asia-Pacific region, and an outstanding team of people,” said Craig O. Morrison, chairman and CEO of Hexion. “Our combined company will be one of the world's largest chemical companies and a leader in our ability to serve customers with an expanded portfolio of specialty materials and a significantly enhanced global presence.”

For more information, visit www.hexion.com or www.huntsman.com.