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[July 2008]
Hexion Specialty Chemicals To Acquire Huntsman Corporation
Hexion Specialty Chemicals Inc (Columbus, OH, USA) an Apollo Management portfolio company, has announced the signing of a definitive agreement to acquire Huntsman Corporation in an all-cash transaction valued at approximately US$10.6 billion, including the assumption of debt.
Under the terms of the agreement, Huntsman stockholders will receive US$28 in cash for each outstanding Huntsman share of common stock. The Huntsman Board of Directors, based on the recommendation of a Transaction Committee of independent, non-management directors, has unanimously approved the agreement and has recommended that Huntsman stockholders vote in favour of the agreement. 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 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."
Joshua Harris, founding partner with Apollo Management, said: "This acquisition will build Hexion into one of the world's largest specialty chemical companies. The combined enterprise will have annual sales of more than $14 billion and more than 21,000 associates and 180 facilities around the world. We are pleased to welcome the Huntsman team and look forward to building on their many accomplishments in the industry".
www.hexion.com
ENDS