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08-20-2007

Huntsman: Takeover Poker at an End

After long negotiations, the takeover of Huntsman Corporation, Salt Lake City/USA, by Hexion Specialty Chemicals Inc., Columbus/USA has been decided. Hexion outbid the Netherlands chemicals group Basell Holdings B.V. Hoofddorp, which had offered Huntsman USD 25.25 per share at the end of June – first by two dollars per share, at USD 27.25, and then increased the bid by a further 75 cents to USD 28.00. Including liabilities, the total volume is thus around USD 10.6 billion.

The Hexion offer was conditional on cancellation of the agreements already made between Huntsmann and Basell. Since the management board, the holding company MatlinPatterson and the Huntsman family, who own 57% of the company between them, had already agreed to the contract with Basell, Basell with receive a break-up fee of USD 200 as a result of the termination. Hexion has already agreed to bear half of this amount.

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