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Apollo's Hexion to acquire Huntsman in $10.6bn transaction17/07/2007. Source: AltAssets. 
 Hexion Specialty Chemicals, a specialist in thermoset resins and owned by Apollo Management, has agreed to acquire Huntsman Corporation in a transaction valued at approximately $10.6bn, including the assumption of debt.
Huntsman has terminated the 26 June 2007 merger agreement with Basell.
Under the terms of the new agreement, Hexion will acquire all of the outstanding common stock of Huntsman for $28 per share in cash. The agreement also provides that the cash price per share to be paid by Hexion will increase at the rate of eight per cent per annum (inclusive of any dividends paid) beginning 270 days from 12 July 2007.
The boards of directors of Huntsman and Hexion have already approved the transaction.
Entities controlled by Matlin Patterson and the Huntsman family, and a Huntsman charitable trust, who collectively own approximately 57 per cent of Huntsman's common stock, have agreed to vote in favour of the transaction.
Huntsman is a manufacturer and marketer of differentiated chemicals and pigments. Its operating companies manufacture products for industries including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, healthcare, detergents, personal care, furniture, appliances and packaging.
Apollo is currently investing its sixth private equity fund, Apollo Investment Fund VI, which along with related co-investment entities, has approximately $12bn of committed capital.
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