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People & Business :: M&A

Apollo Wins Bid for Huntsman

2:41 PM MDT | July 18, 2007 |

Nancy Seewald

Apollo Management (New York), through its Hexion Specialty Chemical’s unit, says it has signed a definitive agreement to acquire Huntsman for about $10.6 billion ($28/share), including $4 billion in debt. Apollo’s offer tops its initial July 4 bid of $27.25/share, which followed Basell’s June 29 offer to acquire Huntsman for $25.25/share ($9.6 billion) (CW, July 4/11, p. 10). Huntsman says it terminated its agreement with Basell last week, and paid Basell a break-up fee of $200 million, half of which was funded by Hexion. It was unclear at CW...

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