Following a public comment period, the Commission has granted, in part, a petition by Hexion LLC and Huntsman Corporation requesting that two FTC Orders related to their proposed merger be reopened and set aside. The agency has determined that the firms have satisfactorily shown that changed conditions require that the matter be reopened. In particular, the firms have abandoned the acquisition that the Orders were intended to remedy. In its decision, the Commission has set aside the Asset Maintenance Order in its entirety, as well as the Decision and Order regarding Huntsman.
The Commission also found that there is a credible risk that Hexion could revive its effort to acquire Huntsman. Accordingly, the agency determined it is in the public interest to require Hexion to seek the Commission’s approval before any merger or other combination with Huntsman. The Commission also modified the Decision and Order as to Hexion to add a prior-approval provision. Under the order, Hexion is required to obtain Commission approval before it acquires any voting or nonvoting stock, share capital, equity, notes convertible into any voting or non-voting stock, or certain assets of Huntsman.
The Commission vote to reopen and set aside the Orders in part, was 4-0. (FTC Docket No. C-4235; the staff contact is Roberta Baruch, Bureau of Competition, 202-326-2861; see press releases dated October 2, 2008, at http://www.ftc.gov/opa/2008/10/hexion.shtm and February 10, 2009, at http://www.ftc.gov/opa/2009/02/pbshexion.shtm.)
Copies of the documents mentioned in this release are available from the FTC’s Web site at http://www.ftc.gov and from the FTC’s Consumer Response Center, Room 130, 600 Pennsylvania Avenue, N.W., Washington, DC 20580. Call toll-free: 1-877-FTC-HELP.
(FYI 28.2009.wpd)