Hexion Gets Conditional FTC Approval For $6.5 Billion Acquisition Of Huntsman Corp.

(financialwire.net via COMTEX) -- HUN | Quote | Chart | News | PowerRating -- October 3, 2008 (FinancialWire) -- The Federal Trade Commission has granted conditional approval to Hexion Specialty Chemicals Inc. to proceed with its planned $6.5 billion acquisition of chemicals maker Huntsman Corp. (NYSE: HUN).

The FTC 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 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.

Huntsman shares fell $1.26, or 10.4 percent, to close $10.90 Thursday.

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