Basell, the polyolefins’ technology group, is to acquire Huntsman Corporation, one of the world’s largest manufacturers and marketers of differentiated chemicals and pigments, in a transaction valued at approximately $9.6bn, including the assumption of debt.
Under the terms of the agreement, Basell will acquire all of the outstanding common stock of Huntsman for $25.25 per share in cash.
The transaction is subject to customary closing conditions, including regulatory approval in the US and in Europe, as well as the approval of Huntsman shareholders.
The combined company will have an extensive geographic footprint, with operations on all continents of the world, and will be well positioned in markets such as China, India, Eastern Europe and Latin America.
In 2006, Basell and Huntsman had combined revenues of more than $26bn and employed approximately 20,900 people.
Closing is expected in the fourth quarter of 2007.