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Hexion Sues Huntsman in Bid to Halt Acquisition

2:10 PM MDT | June 23, 2008 | Robert Westervelt

Hexion Specialty Chemicals sued Huntsman Corp. last week seeking to end its agreement to purchase the company for $10.6 billion. The capital structure of the deal “is no longer viable because of Huntsman’s increased net debt and its lower than expected earnings,” says Hexion, which is owned by Apollo Management (New York). Huntsman shares fell nearly 40% after the suit was announced, closing at $12.86/share on June 19, well below Hexion’s offer price of $28/share. Huntsman: Deal should be completed. Morrison: Transaction ‘no longer...

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