Huntsman Corp receives US$325 mln termination fee from Hexion Specialty Chemicals

Huntsman Corp has received US$325 mln termination fee provided for in the Merger Agreement between Huntsman and Hexion Specialty Chemicals, Inc. Hexion committed to pay the termination fee in connection with the previously announced US$1 bln settlement between Huntsman and Hexion, Apollo Management, and certain of its affiliates. Huntsman expects to receive another US$250 mln payment from Apollo affiliates and a further US$250 mln payment upon issuance of 10 year Huntsman convertible notes to Apollo on or before December 31, 2008. The remaining US$175 mln of payments must be made on or before March 31, 2009.
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