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Killed by the Huntsman

Posted on June 20, 2008

Shares of Huntsman Corp. (HUN) fell by over 40% yesterday as markets digested the news that buyout firm Apollo Management and one of its businesses, Hexion Specialty Chemicals Inc., announced after the market close yesterday that they were suing to back out of an agreement to acquire the chemical maker for $6.5 billion. To quote from a BUSINESS WIRE press release of June 18th:Hexion said in the suit that it believes that the capital structure agreed to by Huntsman and Hexion for the combined company is no longer viable because of Huntsman's increased net debt and its lower than expected earnin...

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earnings , market close , markets