THE WOODLANDS, Texas (Feb. 1)—Huntsman Corp. has confirmed is has been approached by one or more groups about buying its outstanding stock. In addition, the chemicals group said it has held discussions with some potential buyers or merger partners.
In response to expressions of interest, Huntsman said it has engaged advisers to help evaluate a sale, along with other alternatives to enhance shareholder value. This, stressed Huntsman, includes the group continuing to execute its current business plan.
A committee from Huntsman's board, with authority to make recommendations on a potential sale, has "contacted, obtained proposals from, and held discussions with, a limited number of potential acquirers or merger partners," the group said.
In February 2005, Huntsman went public after 35 years as a private group, raising about $1.5 billion in a stock offering. The company had sales of $11.5 billion in 2004 with 11,300 employees and 57 operations in 22 countries.