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Hexion To Acquire Huntsman

Differentiated chemicals manufacturer Huntsman Corp., Salt Lake City, has agreed to be acquired by Columbus, Ohio-based Hexion Specialty Chemicals Inc., a supplier of thermoset resins, for $28 per share in cash or approximately $10.6 billion including the assumption of debt.

Hexion, a portfolio company of Apollo Management LP, emerged as the winning suitor during a two-week contest that began with Huntsman’s agreement to merge with Basell AF — a Netherlands-based manufacturer of polypropylene and advanced polyolefin products — for $25.25 per share or $9.6 billion including debt. One week later, Hexion submitted an offer of $27.25 per share or $10.4 billion and subsequently raised it to $28 per share. Huntsman’s Board of Directors approved the higher offer and terminated the agreement with Basell.

“This is a very favorable outcome for our shareholders and one that reflects a confidence in our company of which our associates can be very proud,” said Peter R. Huntsman, president and CEO, Huntsman. “[Hexion and Huntsman] have complementary businesses and, together, will have an even stronger technology platform from which to serve our customers.”

“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, Hexion.

July/August 2007



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