Huntsman Corporation : Hexion Increases Offer for Huntsman Corporation to $28.00 Per Share

Hexion Specialty Chemicals Inc., an Apollo Management L.P. portfolio company, today announced that it has increased its definitive proposal to acquire Huntsman Corporation (NYSE: HUN) to $28.00 per share, in cash (transaction value $10.5 billion including debt), and has presented this proposal to the Huntsman Board of Directors and its Transaction Committee (comprised of independent Huntsman directors). The Huntsman Transaction Committee and the Board had previously determined that Hexion's proposal to acquire Huntsman for $27.25 per share, in cash constituted a Superior Proposal under the terms of the current merger agreement between Huntsman and Basell AF. Hexion's proposal is otherwise subject to the terms previously disclosed by Hexion and Huntsman. Until Huntsman's Board or Transaction Committee takes further action pursuant to the terms of the Basell agreement, it continues to recommend the transaction with Basell to its shareholders.

There can be no assurance that a transaction between Hexion and Huntsman will be agreed. Any such transaction would be subject to regulatory approvals and the affirmative vote of Huntsman's shareholders, as well as other customary conditions. Hexion's proposal is fully financed pursuant to commitments from affiliates of Credit Suisse and Deutsche Bank.

About Hexion Specialty Chemicals, Inc.

Based in Columbus, Ohio (USA), Hexion Specialty Chemicals is the global leader in thermoset resins. Hexion serves the global wood and industrial markets through a broad range of thermoset technologies, specialty products and technical support for customers in a diverse range of applications and industries. Hexion had 2006 sales of $5.2 billion and employs more than 7,000 associates. Additional information is available at www.hexion.com.

About Apollo Management

Founded in 1990, Apollo is a recognized leader in private equity, debt and capital markets investing. Since its inception, Apollo has successfully invested over $16 billion in companies representing a wide variety of industries, both in the U.S. and internationally. Apollo is currently investing its sixth private equity fund, Apollo Investment Fund VI, L.P., which along with related co-investment entities, has approximately $12 billion of committed capital.

Safe Harbor Language

Statements contained in this press release may include "forward-looking statements" about the Company's financial results under the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. Forward-looking statements are based on our currently available financial, economic and competitive data and on business plans. Actual results could vary materially depending on risks and uncertainties that may affect the company's operations, markets, services, prices and other factors as discussed in our filings with the Securities and Exchange Commission. These risks and uncertainties include, but are not limited to, economic, competitive, legal, governmental and technological factors. There is no assurance that the company's expectations will be realized. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as otherwise required by law.

Investors:
Hexion Specialty Chemicals, Inc.
John Kompa, 614-225-2223
Director, Investor Relations
or
Media:
Sard Verbinnen & Co
Anna Cordasco / Jonathan Gasthalter, 212-687-8080

Partner Area