Huntsman finance chief testifies in Hexion lawsuit
Tuesday September 16, 1:12 pm ET
Huntsman finance officer, investment banker question Hexion claims of insolvency
WILMINGTON, Del. (AP) -- The chief financial officer for chemical maker Huntsman Corp. says the company is on target to meet its latest earnings forecast, and that a proposed $6.5 billion buyout by Hexion Specialty Chemicals would result in a solvent combined company.
Kimo Esplin's remarks Tuesday come on the final day of testimony in a Delaware lawsuit that will determine whether Columbus, Ohio-based Hexion should be held to its 2007 buyout offer.
Hexion argues in its lawsuit that Huntsman's finances began deteriorating shortly after a purchase agreement was reached, and that the deal is no longer viable. It is suing Salt Lake City-based Huntsman to free itself from the deal and a $325 million breakup fee.
But Esplin, and an investment banker retained by Huntsman, testified Hexion's analysis of Huntsman's finances were biased.
Source: Associated Press
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