THE WOODLANDS, TX – Huntsman Corporation (NYSE: HUN) (“Huntsman”) announced today that Hexion Specialty Chemicals, Inc. (”Hexion”) has exercised its right to extend the Termination Date under the Merger Agreement by ninety days, from April 5th to July 4th, 2008. Huntsman had previously announced on January 26, 2008, that it had received notice of Hexion’s intention to extend the Merger Agreement, in connection with the parties’ agreement with the Federal Trade Commission (“FTC”) to allow the FTC additional time to review the proposed merger.
Huntsman and Hexion continue to work with the FTC and regulatory agencies in other jurisdictions, including the European Union, to obtain the required approvals.
Under the terms of the Merger Agreement the $28.00 per common share cash price to be paid by Hexion upon completion of the merger will be increased at the rate of 8% per annum beginning on April 5, 2008 (less any dividends declared or paid on or after April 5th).
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Huntsman is a global manufacturer and marketer of differentiated chemicals. Its operating companies manufacture products for a variety of global industries, including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging. Originally known for pioneering innovations in packaging and, later, for rapid and integrated growth in petrochemicals, Huntsman today has 13,000 employees and operates from multiple locations worldwide. The Company had 2007 revenues of approximately $10 billion. For more information, please visit the company’s website at www.huntsman.com.
Forward Looking Statements:
Statements in this release that are not historical are f
orward-looking statements. These statements are based on management’s current beliefs and expectations. The forward-looking statements in this release are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the company’s operations, markets, products, services, prices and other factors as discussed in the Huntsman companies’ filings with the U.S. Securities and Exchange Commission. Significant risks and uncertainties may relate to, but are not limited to, financial, economic, competitive, environmental, political, legal, regulatory and technological factors. In addition, the completion of any transaction described in this release is subject to a number of uncertainties and closing will be subject to approvals and other customary conditions. Accordingly, there can be no assurance that such transactions will be completed or that the company’s expectations will be realized. The company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by applicable laws.
Additional Information and Where to Find It:
In connection with the proposed merger, the Company has filed a definitive proxy statement with the Securities and Exchange Commission (the “SEC”), which definitive proxy statement has been mailed to its stockholders. INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS THEY CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND THE PARTIES TO THE MERGER. Investors and security holders may obtain a free copy of the definitive proxy statement and other relevant documents filed with the SEC from the SEC’s website at http://www.sec.gov. The Company’s security holders and other interested parties will also be able to obtain, without charge, a copy of the proxy statement and oth
er relevant documents by directing a request by mail or telephone to Huntsman Corporation Investor Relations, 500 Huntsman Way, Salt Lake City, Utah 84108, telephone: (801) 584-5700 or on the company’s website at http://www.huntsman.com.