Buyout Troubles Capped By Huntsman-Hexion Failure

Law360 (December 15, 2008, 12:00 AM EST) -- As the dramatic failure of a $6.5 billion merger between Huntsman Corp. and Hexion Specialty Chemicals Inc. became official Monday — and Huntsman announced it would receive $1 billion as a consequence — mergers experts say it represents the highest-profile victim of the economic downturn.

“What you are seeing is the unwind of transactions that were agreed to before the credit crisis hit,” said Thomas Sauermilch, co-chairman of the global mergers and acquisitions practice at McDermott Will & Emery. "Huntsman-Hexion was probably one of the fiercest...
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