The bidding for chemicals supplier Huntsman Corp. took a new turn as Apollo Management LP offered about $6 billion in cash, or $27.25 a share, for the firm, topping by $2/share a June 26 offer made by Len Blavatnik''s Access Industries Holdings LLC. Access holdings owns polyolefins supplier Basell.
Apollo would combine Huntsman, the world''s largest supplier of epoxy adhesives, with its Hexion Specialty Chemicals Inc. division, which is the world largest supplier of thermoset plastics. Huntsman also is a leading supplier polyurethane precursor MDI as well as a wide range of chemicals.
Hexion (Columbus, OH) last year sold its engineering thermoplastics supply operation, Taroplast SpA, to Giuseppe Squeri & C., SpA. Hexion acquired Taroplast as part of its purchase of Bakelite AG in early 2005. It was Hexions only thermoplastics operation.
Hexion took shape in June 2005 through the merger of Borden Chemicals, Resolution Performance Products, and Resolution Specialty Materials. Earlier in 2005, Borden acquired Bakelite AG. Hexion Specialty Chemicals is a $4.1 billion/yr business and has leading positions globally for phenolic and epoxy resins. It is tops in Europe for molding compounds, and number one in Europe and second in North America for epoxy-based composite resins.[email protected]