THE WOODLANDS, Texas (AP) -- Chemical producer Huntsman Corp. said Tuesday the European Commission approved its purchase by Hexion Specialty Chemicals Inc., an affiliate of Apollo Management LP.
The approval is contingent on, among other things, divestment of part of Hexion's global specialty epoxy resins business to a purchaser approved by the European Commission, Huntsman said.
"We believe (the commission's approval of the deal) ratifies our view that regulatory approval for our transaction can move forward and repeat our request that Hexion promptly move to fully comply with the European Commission's conditions for approval and take any and all other actions necessary to obtain all required regulatory approvals, including from the FTC," Peter Huntsman, chief executive of Huntsman, said in a statement.
The commission's approval comes days after Huntsman said it is seeking more than $3 billion in damages in a lawsuit that claims Apollo and its partners never intended to honor the $6.5 billion buyout deal.
In June, Hexion said Huntsman's deteriorating finances made the deal no longer viable.
The Huntsman lawsuit claims Apollo never planned to go through with the deal and was just trying to squeeze the rival bidder, Dutch manufacturer Basell AF.
Huntsman shares fell 45 cents, or 4 percent, to $10.95 after the opening bell.
