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Huntsman Presses Hexion to Close Deal

4:25 PM MDT | July 14, 2008 | Robert Westervelt

Huntsman Corp. says that the Delaware Court of Chancery has granted its request to expedite a trial to review Hexion Specialty Chemicals’ efforts to end its obligation to acquire Huntsman. The trial will begin on September 8, Huntsman says. Hexion, which is owned by Apollo Management (New York), argues that the capital structure it initially agreed to would render the combined company insolvent because of Huntsman’s increased net debt and lower-than-expected earnings. Hexion also charges that Huntsman has suffered a material adverse effect due to...

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