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Huntsman Confirms Interest in Company

Petrochemical industry | 02 Jan 2006 IST | Polymerupdate.com
The Woodlands, TX - Huntsman Corporation announced that in late 2005 it received an indication of interest regarding an acquisition of all of the outstanding stock of the Company.

In response to this indication of interest, the Board of Directors engaged financial and legal advisors to assist it in evaluating a sale of the Company and other alternatives to enhance shareholder value, including continuing to execute its business plan. At that time, the Board of Directors also formed a special committee with authority to make a recommendation concerning any potential sale of the Company. As part of this process, the Company has contacted, obtained proposals from, and held discussions with, a limited number of potential acquirers or merger partners. At this time, the Company continues to review its strategic alternatives, which could include a possible sale of the Company or remaining an independent public company. The Company has engaged Merrill Lynch & Co. and SG Cowen & Co., LLC as financial advisors, and Vinson & Elkins L.L.P. and Weil, Gotshal & Manges LLP as legal advisors.

There can be no assurance that this review will result in any specific transaction. The Company does not expect to disclose any further developments with respect to the exploration of strategic alternatives unless and until its Board of Directors has approved a transaction or other strategic alternative.

Huntsman is a global manufacturer and marketer of differentiated and commodity chemicals. Its operating companies manufacture basic products for a variety of global industries including chemicals, plastics, automotive, aviation, footwear, paints and coatings, construction, technology, agriculture, health care, textiles, detergent, personal care, furniture, appliances and packaging. Originally known for pioneering innovations in packaging, and later, rapid and integrated growth in petrochemicals, Huntsman today has 11,300 employees, 57 operations in 22 countries and had 2004 revenues of $11.5 billion.
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