Hexion ups offer for Huntsman to $28 per share

By Lisa Kerner

Charlotte, N.C., July 9 - Hexion Specialty Chemicals Inc. increased its offer for Huntsman Corp. to $28.00 cash per share, or $10.5 billion including debt, from $27.25 per share, or $10.4 billion. The offer is backed by debt commitments from Credit Suisse and Deutsche Bank, according to a company news release.

Huntsman already determined that Hexion's previous offer constituted a superior proposal under the terms of its June 26 merger agreement with Basell AF. That agreement calls for Basell to acquire all of the outstanding stock of Huntsman for $25.25 per share in a transaction valued at $9.6 billion, including debt. Basell's deal is backed by Citigroup.

Huntsman's board and transaction committee currently recommends the Basell transaction to its shareholders.

Hexion is a Columbus, Ohio-based thermoset resins company. Huntsman is a Salt Lake City-based manufacturer and marketer of commodity and differentiated chemicals. Basell is a Netherlands-based producer of polypropylene and polyethylene.

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