DOVER, Del. (AP) -- A Delaware judge has refused to allow Hexion Specialty Chemicals to walk away from a $6.5 billion buyout of chemicals maker Huntsman Corporation.
In a ruling late Monday, Vice Chancellor Stephen Lamb ordered Hexion to use its best efforts to complete the deal.
Lamb also denies Hexion's claim that Huntsman was not entitled to a $325 million break up fee if the deal is not done.
Huntsman Chief Executive Peter Huntsman says the Salt Lake City-based company was gratified by the court ruling.
Columbus, Ohio-based Hexion says it was disappointed and is reviewing its options.
Hexion says Huntsman's finances began deteriorating shortly after the 2007 buyout agreement and the deal was not viable.
