09 October 2008 14:21 [Source: ICIS news]
TORONTO (ICIS news)--Hexion Specialty Chemicals will get $540m (€394m) in funding from its owner, private equity group Apollo Management, to complete its disputed $10.6bn merger with Huntsman after a US court ordered that the deal be closed quickly, the US producer said on Thursday.
"We are grateful for Apollo's support as we continue to work towards closing the Huntsman transaction," said Hexion CEO Craig Morrison.
Since the court’s decision, Hexion had taken a number of significant steps towards completion of the Huntsman merger, it said.
Regulators in Europe and the ?xml:namespace>
“In addition, Hexion is in ongoing discussions with Huntsman regarding a wide range of matters relating to the closing,” it added but did not disclose details.
Under the terms of their 2007 merger agreement Hexion is paying over $28/share for Huntsman.
Huntsman's stock closed up 3.3% at $9.08 in New York on Wednesday even though US stocks were down for the sixth straight day as investors remained concerned about the global financial crisis.
Huntsman’s 52-week high is $28.26.
($1 = €0.73)
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|