WILMINGTON, Del. The head of chemical maker Huntsman Corp. believes a proposed $6.5 billion buyout by Hexion Specialty Chemicals would be advantageous to both companies.
Peter Huntsman's comments came Thursday as he testified in a battle in Delaware Chancery Court that will decide whether Hexion must go through with its a $28-per-share buyout offer.
Hexion announced in June that it was dropping the deal because Huntsman's deteriorating finances no longer made it viable. Hexion is suing Huntsman to free itself of the deal and a $325 million breakup fee.
Huntsman says the combined company would be one of the world's largest specialty chemical companies and would have an expanded global presence and significant purchasing power.
Huntsman says the delayed deal has created uncertainty among employees, customers and suppliers. He says business could be lost if suppliers look for customers elsewhere.