Home / Knowledge / News / Textiles / Huntsman Corporation wins decisively in Delaware trial
Huntsman Corporation wins decisively in Delaware trial
30
Sep '08
Huntsman Corporation announced the decision of the Delaware Court of Chancery to enter judgment in favor of Huntsman Corporation denying all declarations sought by Apollo Management, L.P. and Hexion Specialty Chemicals Inc in their suit requesting that the Chancery Court excuse Hexion from its obligation to consummate the pending transaction.

Apollo and Hexion had alleged that Huntsman was not entitled to a $325 million break up fee and had suffered a Material Adverse Effect since signing the Merger Agreement and that a solvency certificate or opinion could not be provided for the combined Hexion/Huntsman entity at the closing. Both allegations were soundly rejected by the Chancery Court.

The Chancery Court ordered Hexion to specifically perform its covenants under the Merger Agreement, including the obligation to use its reasonable best efforts to take all actions necessary and proper to consummate the Merger in the most expeditious manner practicable.

The Court further ordered that if the Closing has not occurred by October 1, the Merger Agreement Termination Date shall be extended until the Court determines that Hexion has fully complied with the Court's order.

Commenting on Vice Chancellor Stephen P. Lamb's decision, Peter R. Huntsman, President and CEO of Huntsman Corporation, stated, “We are gratified that Apollo's allegations and tactics have failed to persuade the Chancery Court.

Huntsman is a strong and dynamic company – indeed a global leader in many of its markets – and Apollo's misguided attempt to use 2008's turbulent energy and financial markets to construct a solvency issue where none existed has now been exposed.

We call on Hexion to complete the remaining actions required by the Merger Agreement in compliance with the Court's order and proceed to closing.”

In addition to denying the relief sought by Apollo and Hexion, the Chancery Court also found that Hexion had breached a number of obligations and covenants under the Merger Agreement, and that such breaches were knowing and intentional and directed by Apollo.

Jon M. Huntsman, Founder and Chairman of Huntsman Corporation, added, “We have claimed all along that Apollo would resort to any means necessary to break a legal and binding contract. Apollo was dishonest and untruthful and lost the case.”

Huntsman continues to seek damages exceeding $3 billion in its Texas lawsuit against Apollo and its partners Leon Black and Joshua Harris.

Huntsman Corporation


Must ReadView All

Azerbaijan's Gilan Textile Park raises exports by 40%

Apparel/Garments | On 18th Aug 2018

Azerbaijan's Gilan Textile Park raises exports by 40%

Azerbaijan's Gilan Textile Park has raised its exports by 40 per cent ...

CPD studies living cost of Bangladesh RMG workers

Apparel/Garments | On 18th Aug 2018

CPD studies living cost of Bangladesh RMG workers

The living cost of readymade garment (RMG) workers in Bangladesh...

Brazilian cotton price index returns to April 2018 level

Textiles | On 18th Aug 2018

Brazilian cotton price index returns to April 2018 level

Cotton prices dropped in Brazil in the first fortnight of August as...

Interviews View All

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Top executives
Fashion houses, India

With technology, it has become easier to ensure IPR

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Karan Behal

Karan Behal, founder and chief executive of top-selling brand...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Razvan Popescu
Directa Plus SpA

Directa Plus is one of the largest producers and suppliers worldwide of...

Davide Vigano
Sensoria

Sensoria is a leading developer of smart garments and IoMe (Internet of...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


August 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search