I hesitate to say this is the final word, but it looks like Huntsman Corp. officially has a buyer, and it's not Basell Holding BV. Huntsman and Hexion Specialty Chemicals Inc. announced today that they have agreed to a definitive merger agreement. The total value of the deal is $10.6 billion, including assumed debt. Huntsman also announced that it has terminated its previously announced merger agreement with Basell. Basell will receive a $200 million break-up fee, to be paid in a 50:50 split by Huntsman and Hexion. Hexion may not be a household name in the plastics industry yet, but it should be. The Columbus, Ohio, company is the world's largest maker of thermoset plastics. It was created via the 2005 merger of Borden, Bakelite AG, Resolution Performance Products and Resolution Specialty Materials. Hexion is controlled by private equity firm Apollo Management LP. Huntsman is a household name, but perhaps not for much longer. The Salt Lake City-based company makes polyurethanes and speciality materials.
Huntsman deal sealed
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