COLUMBUS, Ohio (AP) -- Hexion Specialty Chemicals Inc. said Thursday it received antitrust approval to proceed with its planned $6.5 billion acquisition of chemicals maker Huntsman Corp.
The Federal Trade Commission approval required Hexion to sell part of its specialty epoxy resin production and development business to Spolek Pro Chemickou a Hutni Vyrobu AS. The European Union approved that deal, which it had previously made a contingency for its approval of the Hexion-Huntsman tie-up.
Hexion, based in Columbus, Ohio, is a unit of private equity firm Apollo Management LP. The company agreed to buy Huntsman in 2007, but recently had sought to abandon the deal because of what it called Huntsman's deteriorating finances.
"We are pleased to obtain the necessary antitrust approvals to complete the merger, as required in our merger agreement with Huntsman," Hexion Chief Executive Craig Morrison said in a statement.
Huntsman shares fell $1.26, or 10.4 percent, to $10.90 Thursday.