"This extension is not unusual in a transaction of this size involving numerous global locations," said Craig Morrison, Hexion's chairman and ceo, in a 25 Jan statement. "We are fully cooperating with regulatory agencies and will continue to work closely with Huntsman and the agencies in order to obtain the regulatory approvals required to complete the merger," he added.
Hexion also said that on 5 April it will exercise its option to extend the termination date under the merger agreement for 90 days. If the conditions to Hexion's extension right are met on 5 April, the termination date could be extended to 4 July 2008, according to a statement from Hexioin.
Hexion announced on 12 July 2007 that it had entered into a definitive agreement to acquire Huntsman Corp. in an all-cash transaction valued at approximately $1060 million, including the assumption of debt. The transaction was approved by Huntsman shareholders on 16 Oct 2007 and is subject to customary closing conditions, including regulatory approval in the US and several other countries. (ss)