Hexion ditches $6.5bn bid for Huntsman

The planned $6.5bn takeover of the US chemicals manufacturer Huntsman was finally abandoned on Monday after Hexion Speciality Chemicals, which is owned by buy-out firm Apollo Management, pulled out of the deal. The transaction between the two US groups first foundered two months ago when Credit Suisse and Deutsche Bank – which had earlier agreed to finance the acquisition – said they were no longer obligated to proceed.

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