30 December 2008 13:59 [Source: ICIS news]
TORONTO (ICIS news)--Huntsman said on Tuesday it received a final $425m (€302m) payment from private equity firm Apollo, completing the $1bn payment it was required to make after terminating a deal to take over Huntsman and merge it with Hexion Specialty Chemicals.
"We have received the $1bn in payments sooner than anticipated which puts our company in a very unique position,” said Huntsman CEO Peter Huntsman.
“As we look forward to the upcoming year, our balance sheet is much stronger and our business is in a greater position to prosper," he added.
Huntsman already received a $325m termination fee on 19 December and four days later it received $250m from Apollo affiliates for 10 year convertible notes issued by Huntsman, it said.
The proposed merger between Apollo-owned Hexion Speciatly Chemicals and Huntsman hit a hurdle as Hexion tried to pull out of the deal in June on doubts over the solvency of the merged entity.
($1 = €0.71)
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