Chemical maker Huntsman Corp. said a Sept. 8 trial is scheduled in Apollo Management LP's lawsuit seeking to cancel its $6.54 billion takeover of Huntsman.
The Delaware Chancery Court in Wilmington, Del., granted Huntsman's request for a trial that will conclude before the Oct. 2 expiration of the merger agreement, said Russ Stolle, a spokesman for Huntsman.
Hexion Specialty Chemicals Inc., a unit of Apollo, sued Huntsman June 18 to cancel the merger, saying the combined company would be insolvent. Huntsman responded by suing New York-based Apollo and partners Leon Black and Joshua Harris in Texas for $3 billion, accusing them of fraud for trying to abandon the acquisition. Hexion said the lawsuit was "baseless."
"We are grateful that the court has agreed to hear our case in an expedited fashion," Peter Huntsman, chief executive officer, said in an e-mailed statement. "We look forward to a swift repudiation of Hexion's misguided allegations."
The combined company would be one of the world's largest specialty-chemical makers, with annual sales exceeding $14 billion, 21,000 employees and 180 facilities, according to Apollo. Columbus, Ohio-based Hexion, led by Chief Executive Officer Craig O. Morrison, is the top producer of adhesives used in plywood, and Salt Lake City-based Huntsman is the world's biggest maker of epoxy adhesives.
"We look forward to making our case on the 8th," Jonathan Gasthalter, a Hexion spokesman, said in a phone interview.