Hexion Responds to Huntsman Claims
June 23 2008 - 11:25AM
Business Wire
Hexion today issued the following statement in response to a suit
filed by Huntsman Corp. (NYSE: HUN) in Texas: �It is unfortunate
that Huntsman has chosen to file a baseless lawsuit against Apollo
and to personally sue two of its principals. Huntsman�s Texas suit
violates a clear provision of the merger agreement which requires
that any litigation be brought exclusively in the State of
Delaware. As we alleged in our suit, primarily due to Huntsman�s
underperformance, we believe that consummating the merger on the
basis of the capital structure agreed to with Huntsman would render
the combined company insolvent. In fact, Huntsman�s suit does not
dispute that the combined company would be insolvent. We believe
Huntsman�s lawsuit is wholly without merit.� About Hexion Specialty
Chemicals Based in Columbus, Ohio, Hexion Specialty Chemicals
serves the global wood and industrial markets through a broad range
of thermoset technologies, specialty products and technical support
for customers in a diverse range of applications and industries.
Hexion Specialty Chemicals is controlled by an affiliate of Apollo
Management, L.P. Additional information is available at
www.hexion.com. Forward Looking Statements Certain statements in
this press release are forward-looking statements within the
meaning of Section�27A of the Securities Act of 1933, as amended
and Section�21E of the Securities Exchange Act of 1934, as amended.
In addition, the management of Hexion Specialty Chemicals, Inc.
(which may be referred to as �Hexion,� �we,� �us,� �our� or the
�Company�) may from time to time make oral forward-looking
statements. Forward looking statements may be identified by the
words �believe,� �expect,� �anticipate,� �project,� �plan,�
�estimate,� �will� or �intend� or similar expressions.
Forward-looking statements reflect our current views about future
events and are based on currently available financial, economic and
competitive data and on our current business plans. Actual results
could vary materially depending on risks and uncertainties that may
affect our markets, services, prices and other factors as discussed
in our 2007 Annual Report on Form 10-K, and our other filings, with
the Securities and Exchange Commission (SEC). Important factors
that could cause actual results to differ materially from those in
the forward-looking statements include, but are not limited to:
economic factors such as an interruption in the supply of or
increased pricing of raw materials due to natural disasters,
competitive factors such as pricing actions by our competitors that
could affect our operating margins, risks related to the litigation
referred to in this news release and regulatory factors such as
changes in governmental regulations involving our products that
lead to environmental and legal matters as described in our 2007
Annual Report on Form 10-K, and our other filings, with the SEC.
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