News

HEXION AND HUNTSMAN MERGER DELAYED; BANKS REFUSE TO FUND (10/28/08)

October 28, 2008
/ Print / Reprints /
ShareMore
/ Text Size+

Hexion Specialty Chemicals Inc. has announced that it received correspondence from counsel to affiliates of Credit Suisse and Deutsche Bank on the evening of Oct. 27 stating that the banks do not believe that the solvency opinion of American Appraisal Associates and the solvency certificate of Huntsman Corp.'s chief financial officer meet the condition of the commitment letter, and stated that as a result the banks do not plan to fund the proposed closing of the merger scheduled for Oct. 28.

Hexion strongly disagrees with the banks' position and has advised them of their obligation to fulfill the financing commitment for the merger. While Hexion intends to meet and work with the banks to try to complete the merger, if the banks do not fund their commitment, Hexion will vigorously enforce all of its contractual rights.

Did you enjoy this article? Click here to subscribe to Adhesives & Sealants Industry Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

In-Depth Features

These articles detail advantages and innovations for multiple end uses.

Podcasts

ExxonMobil Tackifier Expansion

Dwight Tozer, vice president of ExxonMobil’s Adhesion Industry business, discusses the company’s latest tackifier expansion project with Editor-in-Chief Susan Sutton.

More Podcasts

THE MAGAZINE

Adhesives & Sealants Industry Magazine

ASI April 2014 cover

2014 April

Our April issue focuses on pressure-sensitive adhesives, including a preview of PSTC's 2014 Tape Summit, as well as converting/packaging and composites!

Table Of Contents Subscribe

THE ADHESIVES STORE

handbook-sealant-tech.gif
Handbook of Sealant Technology

The Handbook of Sealant Technology provides an in-depth examination of sealants, reviewing their historical developments and fundamentals, adhesion theories and properties, and today’s wide range of applications.

More Products

asi1211p_Cover-DE.gifASI's Buyers' Guide

Annual purchasing resource for equipment used in the manufacture/formulation of adhesives, sealants, pressure sensitives, tapes and labels and for application of finished adhesives. 

Clear Seas Research

With access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

STAY CONNECTED

facebook_40px twitter_40  youtube_40pxlinkedin_40