THE WOODLANDS, Texas (AP) -- Chemical producer Huntsman Corp. said Wednesday it extended the term of its deal to be acquired by Hexion Specialty Chemicals Inc. and filed counterclaims against the company, a unit of Apollo Management LP.
Huntsman pushed the term for the $6.5 billion buyout deal an extra 90 days to Oct. 2.
Salt Lake City-based Huntsman also said it filed counterclaims to a Hexion suit in Delaware. The company's accusations include breach of contract, defamation, and commercial disparagement, among others.
In June, Hexion said Huntsman's slumping finances made the deal no longer viable.
Hexion Chairman, President and Chief Executive Craig O. Morrison reaffirmed in a statement Wednesday he does not believe the buyout is feasible, and suggested the combined company would not be able to meet all of its financial obligations.
Morrison said Huntsman's counterclaims were "without merit."
Huntsman is already seeking more than $3 billion in damages in a lawsuit that claims Apollo and its partners never planned to go through with the deal and were just trying to push out the rival bidder, Dutch manufacturer Basell AF.
Huntsman shares fell 5 cents to $11.10 in morning trading.