COLUMBUS, Ohio (Jan. 28, 2008) — Hexion Specialty Chemicals and Huntsman Corp. have agreed to give the Federal Trade Commission extra time to review their proposed merger, making it unlikely their deal will close before the originally planned date of May 3.
Craig Morrison, Hexion's chairman and CEO, said an extension like this isn't unusual for a transaction of this size involving numerous global locations.
Hexion also said it will exercise its option April 5 to extend the termination date under the merger agreement for 90 days. If the conditions to Hexion's extension right are met, the termination date could be extended to July 4, according to a statement from Hexion.
Hexion announced in July that it had entered into a definitive agreement to acquire Huntsman in an all-cash transaction valued at approximately $10.6 billion, including the assumption of debt.