LONDON (June 17)—ICI P.L.C. will sell its remaining 30-percent stake in Huntsman International Holdings to a global equity group for $430 million plus interest. Full proceeds from the sale to Credit Suisse First Boston Global Opportunities Partners L.P. will reach ICI by May 15, 2003, ICI said in a prepared statement. Around $160 million of the amount has been paid, it added. "This is a very good deal for ICI and its shareholders. It delivers excellent value overall, enables us to turn part of our investment into cash now and to get the remainder earlier than previously anticipated," ICI CEO Brendan O'Neill said. In December, Huntsman agreed to purchase ICI's remaining 30-percent stake in the holding company—the parent of Huntsman Polyurethanes—for $365 million, plus interest, by the third quarter of 2003. The deal followed Huntsman's failure to meet the terms of an earlier agreement to buy out ICI by mid-2001.
ICI to sell remaining 30% stake in Huntsman
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