Basell to buy Huntsman for $9.6bn

26 June 2007 14:15  [Source: ICIS news]

LONDON (ICIS news)--Basell has agreed to acquire US chemicals group Huntsman for $9.6bn (€7.1bn), the companies said in a joint statement on Tuesday.

 

The $25.25/share transaction would be subject to regulatory approval in the US and Europe and the approval of Huntsman shareholders.

 

Closing is expected in the fourth quarter of 2007.

 

Entities controlled by MatlinPatterson and the Huntsman family, who collectively own 57% of Huntsman’s common stock, have agreed to approve the transaction.

 

“Basell’s industry-leading polyolefins businesses and Huntsman’s businesses will benefit from the expertise both companies have demonstrated in technology, innovation and customer service,” said Basell CEO Volker Trautz.

 

($1 = €0.74)

 

By: Mark Watts
+44 20 8652 3214

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