Huntsman's Board Approves Extension of Hexion Merger; Files Counterclaims

Huntsman Corp. says that its board has "provisionally" authorized the company to extend the merger agreement with Hexion Specialty Chemicals by 90 days, to October 2. Huntsman says it expects to deliver a formal notice of the extension to Hexion on July 4. The company has also filed counterclaims against Hexion, which is owned by Apollo Management (New York). "After actively evaluating the current situation, our board has concluded that if Apollo causes Hexion to honor its contractual obligations, Hexion will obtain the antitrust approvals and the...

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