Apollo Management drops objections in Huntsman suit

Deseret News (Salt Lake City), Dec 20, 2008 by Bloomberg News

Apollo Management LP, which canceled a $6.5 billion buyout of Huntsman Corp., on Friday dropped objections to a Texas trial over accusations it wrongfully interfered with another bid for the chemicals maker.

Huntsman has sued Apollo, Credit Suisse Group AG and Deutsche Bank AG in a $3 billion complaint in Texas state court, claiming they conspired to interfere with a prior merger agreement. Friday's move, allowing the trial to go ahead, follows a Dec. 14 announcement by Apollo's Hexion Specialty Chemicals Inc. that it was terminating an agreement to buy Huntsman after the banks refused the finance the deal.