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Hexion Specialty Chemicals Makes Proposal to Acquire Huntsman

08 July 2007

Hexion Specialty Chemicals has offered to acquire Huntsman for $10.4 billion, approximately 8% over Basell's previously announced agreement to acquire the company.

Hexion's proposal is subject to a customary merger agreement, which has been submitted to Huntsman's Transaction Committee together with Hexion's offer. The transaction would be subject to regulatory approvals and the affirmative vote of Huntsman shareholders. The proposal is fully financed pursuant to commitments from Credit Suisse and Deutsche Bank.

Hexion's proposal is currently under review by the Huntsman Transaction Committee.