Hexion Sues To Back Out Of Huntsman Deal

Law360, New York (June 19, 2008, 12:00 AM EDT) -- Hexion Specialty Chemicals Inc. has moved to rescind its $10.6 billion purchase offer to fellow chemical manufacturer Huntsman Corp., setting the stage for a major showdown.

Spurred by a significant deterioration in Huntsman's business, the credit crunch and a report that the combined company would be insolvent, Hexion and several affiliates of owner Apollo Management LP sued Huntsman Wednesday in the Delaware Court of Chancery.

The complaint sought declaratory judgment that the merger's proposed financiers will inevitably refuse to fund a transaction that would create a...
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