Huntsman Rejects Apollo Attempt to Back Out of Merger Agreement

THE WOODLANDS, Texas, June 19 /PRNewswire-FirstCall/ -- Huntsman
Corporation (NYSE: HUN) today commented on yesterday's lawsuit by Hexion
Specialty Chemicals and Apollo in which they claim they would not be required
to consummate the Merger Agreement.
Peter Huntsman, President and CEO stated, "We believe Hexion and Apollo's
actions are inconsistent with the terms of the Merger Agreement and the
obligations to Huntsman and its shareholders. These actions appear to be a
blatant attempt to deprive our shareholders of the benefits of the Merger
Agreement that was agreed to nearly a year ago."
Huntsman intends to vigorously enforce all of its rights under the Merger
Agreement and seek to consummate the merger on the agreed terms.
About Huntsman:
Huntsman is a global manufacturer and marketer of differentiated
chemicals. Its operating companies manufacture products for a variety of
global industries, including chemicals, plastics, automotive, aviation,
textiles, footwear, paints and coatings, construction, technology,
agriculture, health care, detergent, personal care, furniture, appliances and
packaging. Originally known for pioneering innovations in packaging and,
later, for rapid and integrated growth in petrochemicals, Huntsman today has
13,000 employees and operates from multiple locations worldwide. The Company
had 2007 revenues of approximately $10 billion. For more information, please
visit the company's website at http://www.huntsman.com.
Forward-Looking Statements:
Statements in this release that are not historical are forward-looking
statements. These statements are based on management's current beliefs and
expectations. The forward-looking statements in this release are subject to
uncertainty and changes in circumstances and involve risks and uncertainties
that may affect the company's operations, markets, products, services, prices
and other factors as discussed in the Huntsman companies' filings with the
U.S. Securities and Exchange Commission. Significant risks and uncertainties
may relate to, but are not limited to, financial, economic, competitive,
environmental, political, legal, regulatory and technological factors. In
addition, the completion of any transaction described in this release is
subject to a number of uncertainties and closing will be subject to approvals
and other customary conditions. Accordingly, there can be no assurance that
such transactions will be completed or that the company's expectations will be
realized. The company assumes no obligation to provide revisions to any
forward-looking statements should circumstances change, except as otherwise
required by applicable laws.
SOURCE Huntsman

media, Russ Stolle, +1-281-719-6624; or investor relations, John Heskett,
+1-801-584-5768, both for Huntsman