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Huntsman holder may pursue strategic alternatives
Monday June 30, 4:42 pm ET

D.E. Shaw working to resolve Huntsman's dispute with Hexion; may pursue strategic alternatives

NEW YORK (AP) -- Shareholder D.E. Shaw & Co. LP said Monday it is working to resolve a dispute between chemicals company Huntsman Corp. and Hexion Specialty Chemicals Inc., and may pursue various strategic alternatives, including the privatization of Huntsman.

According to a filing with the Securities and Exchange Commission, the investor may seek to engage in discussions with Huntsman's board, management and other shareholders, as well as Hexion representatives in pursuit of a resolution to the takeover dispute between the two companies.

Additionally, D.E. Shaw said it may pursue various strategic alternatives related to its investment in the Salt Lake City-based company, including taking the company private, restructuring and effecting other significant transactions, changing the control of the company or providing financing.

Funds affiliated with D.E. Shaw beneficially own a 9.3 percent stake in Huntsman, according to the filing.

Earlier this month, Hexion Specialty Chemicals, an affiliate of New York based Apollo Management LP, backed out of a $6.5 billion deal to buy the company, saying Huntsman's deteriorating finances made the deal no longer viable. Huntsman subsequently filed a lawsuit against the Columbus, Ohio-based company, seeking more than $3 billion in damages, claiming that the private equity group and its partners never intended to honor the deal and were just trying to squeeze a rival bidder, Dutch manufacturer Basell AF.

Huntsman shares rose 71 cents, or 6.6 percent, to close at $11.40.

Source: Associated Press

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