LONDON (Dec. 27)—ICI P.L.C. and Huntsman Specialty Chemicals Corp. have agreed to delay until the third quarter of 2003 the deadline for Huntsman Specialty to purchase ICI's remaining 30-percent stake in Huntsman International Holdings. Huntsman Specialty has put up its 60-percent shareholding in Huntsman International—the parent company of Huntsman Polyurethanes—as security for the deal. Under the arrangement announced Dec. 21, Huntsman will buy the ICI shareholding for around $365 million, plus interest from December 2001 until completion by the third quarter of 2003. The U.S. group will pay ICI an extra $32.7 million if it misses this deadline. Huntsman Specialty has the opportunity to reduce the total sum payable for the shareholding by up to $20 million by making advance payments, ICI said. The deal, which is subject to certain regulatory approvals, follows Huntsman's failure to purchase the ICI shareholding for $365 million plus interest by mid-2001, as agreed in November 2000. Financial difficulties have since forced Huntsman into a major debt-restructuring program with its creditors.
ICI gives Huntsman time on deal
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