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Chemicals maker Huntsman Corp. has ended its $6.5 billion agreement to be taken private by Hexion Specialty Chemicals Inc. and agreed to a $1 billion legal settlement with Hexion's private-equity owner, Apollo Global Management LP.
Two banks funding a buyout of Huntsman Corp. have backed out of the $6.5 billion deal, which grew increasingly rancorous as the economy worsened.
Hexion Specialty Chemicals said Thursday it has received a $540 million pledge to help it close its fiercely contested takeover of Huntsman Corp.
A Delaware judge has refused to allow Hexion Specialty Chemicals to walk away from a $6.5 billion buyout of chemicals maker Huntsman Corp.
The chief financial officer for chemical maker Huntsman Corp. says the company is on target to meet its latest earnings forecast, and that a proposed $6.5 billion buyout by Hexion Specialty Chemicals would result in a solvent combined company.
Jon Huntsman Sr. on Thursday blasted a private-equity group for backing out of a deal to buy his chemicals company.
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