Engineering News

Hexion Increases Offer for Huntsman Corporation to $28.00 Per Share
Monday July 9, 8:13 am ET

COLUMBUS, Ohio--(BUSINESS WIRE)--Hexion Specialty Chemicals Inc., an Apollo Management L.P. portfolio company, today announced that it has increased its definitive proposal to acquire Huntsman Corporation to $28.00 per share, in cash (transaction value $10.5 billion including debt), and has presented this proposal to the Huntsman Board of Directors and its Transaction Committee (comprised of independent Huntsman directors). The Huntsman Transaction Committee and the Board had previously determined that Hexion's proposal to acquire Huntsman for $27.25 per share, in cash constituted a Superior Proposal under the terms of the current merger agreement between Huntsman and Basell AF. Hexion's proposal is otherwise subject to the terms previously disclosed by Hexion and Huntsman. Until Huntsman's Board or Transaction Committee takes further action pursuant to the terms of the Basell agreement, it continues to recommend the transaction with Basell to its shareholders.

There can be no assurance that a transaction between Hexion and Huntsman will be agreed. Any such transaction would be subject to regulatory approvals and the affirmative vote of Huntsman's shareholders, as well as other customary conditions. Hexion's proposal is fully financed pursuant to commitments from affiliates of Credit Suisse and Deutsche Bank.

About Hexion Specialty Chemicals, Inc.

Based in Columbus, Ohio (USA), Hexion Specialty Chemicals is the global leader in thermoset resins. Hexion serves the global wood and industrial markets through a broad range of thermoset technologies, specialty products and technical support for customers in a diverse range of applications and industries. Hexion had 2006 sales of $5.2 billion and employs more than 7,000 associates.

About Apollo Management

Founded in 1990, Apollo is a recognized leader in private equity, debt and capital markets investing. Since its inception, Apollo has successfully invested over $16 billion in companies representing a wide variety of industries, both in the U.S. and internationally. Apollo is currently investing its sixth private equity fund, Apollo Investment Fund VI, L.P., which along with related co-investment entities, has approximately $12 billion of committed capital.

Source: Hexion Specialty Chemicals Inc.

Engineering News Archive

 
// CAREER RESOURCES

Applicant Procedures
Job Seekers
Resume Help
Professional Organizations
Engineering Career Information
Engineering Colleges

// WHAT WE DO
Recruiters for
Professionals in the Chemical
& Pharmaceutical Industries
We recruit exclusively for Engineers and Operations/Maintenance Management Personnel in the following areas:
Specialty chemicals
Bulk chemicals
Commodity Chemicals
Petrochemicals
Fine chemicals
Agrochemicals
Industrial gases
Surfactants
Fertilizers
Solvents
Coatings
Polymers
Pharmaceuticals
Refinery
Career Center | FAQs | Privacy
SESI Corporate Headquarters (954)755-3121 ext 109
© Search Enterprises, Inc. All rights reserved.
Industry News Career Center FAQs Submit a Job About Search Enterprises Submit a Resume Candidates Job Opportunities Search Enterprises Home