The Hexion transaction was deemed to be a superior proposal to the Basell agreement and was unanimously approved by the Board of Directors of Huntsman. It is subject to regulatory approval in the United States and Europe, approval of Huntsman shareholders, and customary closing conditions. Entities who collectively own approximately 57% of Huntsman's common stock, have agreed to vote in favor of the transaction.
Hexion to Buy Huntsman
August 1, 2007
COLUMBUS, OH – Hexion Specialty Chemicals, an Apollo Management portfolio company, will acquire Huntsman Corporation, outbidding Basell AF. The transaction is valued at approximately $10.6 billion, including the assumption of debt. Hexion will buy all of the outstanding common stock of Huntsman for $28.00 per share in cash.