The Salt Lake Tribune
Friday, June 20, 2008
For sale: $11 billion chemical company
The buyout firm Apollo Management withdrew its $10.6 billion offer to buy Utah's Huntsman Corp. and filed suit arguing that Huntsman's chemcial company has declined in value.

It was news that totally ruined Jon Huntsman Sr.'s day. He had hoped to funnel much of the money into cancer research at this center in Salt Lake City.
Apollo's recent action in filing this suit represents one of the most unethical contract breaches I have observed in 50 years of business. Our company will fight Apollo vigorously on all fronts.
The decline reduced the value of the 21.7 million Huntsman Corp. shares held by the Huntsman Foundation by nearly $175 million and the 400,000 shares in the hands of the Huntsman Cancer Foundation by $3.2 million.

Jon Sr. wrote a book of wisdom, titled Winners Never Cheat. Apparently Apollo Management, is going to find out if that is true.
posted by gwarchol @ 10:52 AM |

0 Comments:

Post a Comment

<< Home

© Copyright 2008, The Salt Lake Tribune. All material found on Utah Online is copyrighted The Salt Lake Tribune and associated news services. No material may be reproduced or reused without explicit permission from The Salt Lake Tribune.
Feedback
   If you've got something to say, type away -- I'm wide open to rants and raves. There is no registration required.
   If you want to send me a tip (the reporter in me dies hard) or photos of goofy or horrible stuff, email gwarchol@sltrib.com.