Huntsman Seeks Antitrust Clearance for Tronox Asset Purchase
September 25 2009 - 3:45PM
PR Newswire (US)
THE WOODLANDS, Texas, Sept. 25 /PRNewswire-FirstCall/ -- Huntsman
Corporation (NYSE:HUN) today announced that Huntsman and Tronox
Incorporated have made the U.S. filings required under the
Hart-Scott-Rodino Antitrust Improvements Act ("HSR") in connection
with its recently signed asset and equity purchase agreement
pursuant to which its wholly-owned subsidiary Huntsman Pigments LLC
has agreed to acquire certain assets of Tronox and its subsidiaries
under Section 363 of Chapter 11 of the U.S. Bankruptcy Code for
$415 million, including working capital. Huntsman and Tronox have
already been engaged in discussions with the Federal Trade
Commission. The Huntsman and Tronox HSR filings follow this week's
order by the Bankruptcy Court for the Southern District of New York
approving the bidding procedures and granting certain benefits and
bid protections to Huntsman in its role as stalking horse bidder,
including a break-up fee and expense reimbursement. Huntsman has
also initiated comparable approval processes in other
jurisdictions. Tronox and certain of the company's subsidiaries
filed voluntary petitions for reorganization under Chapter 11 of
the U.S. Bankruptcy Code on January 12, 2009. A stalking horse bid
is a binding proposal for a bankrupt company's assets from an
interested buyer chosen by the bankrupt company, subject to a
higher offer through an auction process approved by the bankruptcy
court. If Huntsman is ultimately approved by the bankruptcy court
as the buyer and the sale is approved, Huntsman's completion of the
proposed acquisition of the assets of Tronox as agreed remains
subject to customary antitrust and other regulatory approvals.
About Huntsman: Huntsman is a global manufacturer and marketer of
differentiated chemicals. Its operating companies manufacture
products for a variety of global industries, including chemicals,
plastics, automotive, aviation, textiles, footwear, paints and
coatings, construction, technology, agriculture, health care,
detergent, personal care, furniture, appliances and packaging.
Originally known for pioneering innovations in packaging and,
later, for rapid and integrated growth in petrochemicals, Huntsman
today has more than 12,000 employees and operates from multiple
locations worldwide. The Company had 2008 revenues exceeding US$10
billion. For more information about Huntsman, please visit the
Company's website at http://www.huntsman.com/. Forward-Looking
Statements: Statements in this release that are not historical are
forward-looking statements. These statements are based on
management's current beliefs and expectations. The forward-looking
statements in this release are subject to uncertainty and changes
in circumstances and involve risks and uncertainties that may
affect the company's operations, markets, products, services,
prices and other factors as discussed in the Huntsman companies'
filings with the U.S. Securities and Exchange Commission.
Significant risks and uncertainties may relate to, but are not
limited to, financial, economic, competitive, environmental,
political, legal, regulatory and technological factors. In
addition, the completion of any transactions described in this
release is subject to a number of uncertainties and closing will be
subject to approvals and other customary conditions. Accordingly,
there can be no assurance that such transactions will be completed
or that the company's expectations will be realized. The company
assumes no obligation to provide revisions to any forward-looking
statements should circumstances change, except as otherwise
required by applicable laws. DATASOURCE: Huntsman Corporation
CONTACT: media, Russ Stolle, +1-281-719-6624; or investors, Kurt
Ogden, +1-801-584-5959, both for Huntsman Corporation Web Site:
http://www.huntsman.com/
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