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Hedge Funds Prod Hexion to Close Huntsman Acquisition

12:37 PM MDT | September 8, 2008 | Robert Westervelt

A group of Huntsman shareholders has pledged $500 million in financing in a bid to force Hexion Specialty Chemicals to complete a $10.6-billion acquisition of Huntsman. Hexion, owned by private equity firm Apollo Management (New York), has rejected the offer and says it is still seeking to “terminate the deal.” Hexion filed a lawsuit in June seeking to end its obligation to complete the deal, saying that Huntsman’s weakened financial condition would render a combined Hexion-Huntsman insolvent and that Hexion’s lenders were not likely to...

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