Market Updates
Huntsman Settles for $1.73 Billion
123jump.com Staff
23 Jun, 2009
New York City
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Huntsman Corp agreed to a far lower settlement with Deutsche Bank and Credit Suisse for a failed merger with Apollo Management. Apollo retracted its $10.5 billion merger after Credit Suisse and Deutsche Bank reneged on their commitment to fund the chemical maker acquisition.
[R]4:00 PM New York – Huntsman Corp agreed to a far lower settlement with Deutsche Bank and Credit Suisse for a failed merger of the company with Apollo Management.[/R]
Credit Suisse and Deutsche Bank agreed to pay $316 million each to Huntsman Corp over alleged interference in merger plans of the company. Huntsman was seeking $8 billion in punitive damages in Texas court and asked for $4.6 billion in damages.
The banks agreed to pay a total of $1.73 billion of which $316 million will be in cash from each bank and $550 million is in senior debt financing to be paid over seven years.
Credit Suisse 1.8% to Sfr 45.50 and Deutsche Bank decreased 0.37% to 40.30 euros. Huntsman Corp ((HUN)) declined 1.5% to $5.92 in New York trading.
Huntsman agreed to be acquired on a merger proposal that offered the company $28 a share or $10.5 billion on July 9, 2007 that was retracted in June 2008. Apollo was not a party to this litigation agreed to pay $1 billion in a separate settlement earlier.
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