Hoofddorp, The Netherlands– July 11, 2007 – Basell, the global leader in polyolefins, confirmed that it will stand by its $25.25 a share offer for Huntsman Corporation (NYSE: HUN).
On June 26, 2007, Basell and Huntsman signed a merger agreement which valued Huntsman at a full and fair price, and offered certainty and the ability to close rapidly. The majority shareholders of Huntsman signed a voting agreement with Basell in support of the merger agreement.
Basell has since been notified by Huntsman that an offer by Hexion Specialty Chemicals Inc. is “superior” to Basell’s existing merger agreement. Under the terms of Basell’s agreement, Basell will be entitled to a $200 million payment if Huntsman terminates the Basell merger agreement to accept the Hexion offer.
Basell understands that the Hexion offer faces a lengthy and complex regulatory approval process and that closing the Hexion transaction will require many months and is subject to uncertainty. Basell will monitor the situation.
About Basell
Basell is the global leader in polyolefins technology, production and marketing. It is the largest producer of polypropylene and advanced polyolefin products; a leading supplier of polyethylene and catalysts, and the industry leader in licensing polypropylene and polyethylene processes, including providing technical services for its proprietary technologies. Basell, together with its joint ventures, has manufacturing facilities in 19 countries and sells products in more than 120 countries. Basell is privately owned by Access Industries. (www.basell.com)
About Access Industries
Access Industries is a privately held, U.S.-based industrial group with long-term holdings worldwide. Access was founded in 1986 by Chairman, Len Blavatnik, an American industrialist. Access’ industrial focus spans three sectors: natural resources and chemicals; telecommunications and media; and real estate. (www.accessindustries.com)
MEDIA CONTACTS
Basell: Patricia Vangheluwe, Tel: +32 2 715 8172
Access Industries: Stan Neve or Steve Lipin, Tel: +1 212 333 3810
INVESTOR CONTACTS
Basell: Tom Boal, Tel: +1 410 996 1322
