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Basell To Acquire Huntsman



Published June 26, 2007
Basell, the global leader in polyolefins’ technology, production and marketing, and Huntsman Corporation, one of the world’s largest manufacturers and marketers of differentiated chemicals and pigments, have signed a definitive agreement pursuant to which Basell will acquire Huntsman in a transaction valued at approximately $9.6 billion, including the assumption of debt.
   
Under the terms of the agreement, Basell will acquire all of the outstanding common stock of Huntsman for $25.25 per share in cash.
   
The transaction was unanimously approved by the boards of directors of both Basell and Huntsman. Huntsman's Board of Directors approved the transaction agreement at the recommendation of a transaction committee comprised of Huntsman independent directors.
   
The transaction is subject to customary closing conditions, including regulatory approval in the U.S. and in Europe, as well as the approval of Huntsman shareholders. Entities controlled by MatlinPatterson and the Huntsman family, who collectively own 57% of Huntsman’s common stock, have agreed to approve the transaction. Closing is expected in the fourth quarter of 2007.
   
The combined company will have an extensive geographic footprint, with operations on all continents of the world and will be well positioned in fast-growing markets such as China, India, Eastern Europe and Latin America. In 2006, Basell and Huntsman had combined revenues of more than $26 billion and employed approximately 20,900 people.