Huntsman gets FTC second request on Hexion merger

By Susanna Moon

Chicago, Oct. 5 - Huntsman Corp. and Hexion Specialty Chemicals, Inc. received a request for additional information on their proposed merger, known as a second request, from the Federal Trade Commission under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, according to an 8-K filing with the Securities and Exchange Commission.

Both companies said they would cooperate fully with the commission's request, which would mean extending the waiting period under the antitrust act for their planned merger until 30 days after the companies have complied with the request.

The commission seeks information on the previously announced deal, in which Hexion would acquire Huntsman for $28 per share in cash, valued at $10.6 billion including debt.

Huntsman previously announced that its shareholders would vote on the acquisition by Hexion, an affiliate of Apollo Management, LP, at a special meeting on Oct. 16.

Huntsman's board unanimously approved the July 12 deal with Hexion. It was previously reported that Hunstman's board terminated a prior merger agreement with and paid a $200 million break-up fee to Basell AF after determining Hexion's proposal was superior.

Based in Columbus, Ohio, Hexion is involved in thermoset resins. Huntsman is a Salt Lake City manufacturer of differentiated chemicals and pigments.

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