Hexion Specialty Chemicals Announces Capital Contribution from Apollo Management

Hexion Specialty Chemicals, Inc. announced that it is proceeding expeditiously to seek to close its merger with Huntsman Corporation and, to assist it in closing the merger, affiliates of Apollo Management, L.P. have agreed to make a capital contribution of $540 million to Hexion. The new capital contribution, not required by any current contractual obligation of Hexion or Apollo, assists Hexion in addressing the issues raised in the decision last week by the Delaware Chancery Court in the pending merger. Apollo Management has also informed Hexion that it will waive its contractual right to a transaction fee in connection with the merger and suspend for three years its ongoing monitoring fees from Hexion. Since the decision was issued last Monday night, Hexion has taken a number of significant steps towards completion of the... [read full story]