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Court forces Apollo, Hexion to complete Huntsman acquisition30/09/2008. Source: AltAssets. 
 Apollo Management and its portfolio company Hexion Specialty Chemicals have been ordered by the Delaware Court of Chancery to complete their $10.6bn buy-out of chemicals company Huntsman Corporation.
Apollo and Hexion had alleged that Huntsman was not entitled to a $325m break-up fee and had suffered a material adverse effect since signing the merger agreement and that a solvency certificate or opinion could not be provided for the combined Hexion/Huntsman entity at the closing, according to a statement. Both allegations were rejected by the Chancery Court.
Peter R Huntsman, president and CEO of Huntsman Corporation, said, ‘We are gratified that Apollo’s allegations and tactics have failed to persuade the Chancery Court. Huntsman is a strong and dynamic company – indeed a global leader in many of its markets – and Apollo’s misguided attempt to use 2008’s turbulent energy and financial markets to construct a solvency issue where none existed has now been exposed. We call on Hexion to complete the remaining actions required by the merger agreement in compliance with the Court’s order and proceed to closing.’
Huntsman continues to seek damages exceeding $3bn in its Texas lawsuit against Apollo and its partners Leon Black and Joshua Harris.
Copyright © 2008 AltAssets
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