US specialty chemicals firm- Hexion Specialty Chemicals, owned by an affiliate of the private equity firm Apollo Management, has offered to buy Huntsman two dollars more than Basell. Hexion has offered US$27.25 per share in cash as against Basell's offer of US$25.25.
If Huntsman goes with the Hexion offer, Basell will be entitled to a US$200 mln payment. Hexion has offered to fundUS$100 mln of this payment, subject to reimbursement if the Huntsman/Hexion deal did not go through. The Hexion bid is subject to termination of the previously announced merger agreement with Basell and the execution of a definite merger agreement with Hexion.
Huntsman is in the process of considering the offer, and will take into account the views of the principal shareholders in the company. Until a decision is reached on the Hexion offer, the Huntsman Board of Directors and Transaction Committee continue to recommend the proposed merger with Basell.
05-Jul-07 
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