Credit Suisse and Deutsche Bank agreed to pay Huntsman Corp $316m each in cash and provide a combined $1.1bn in debt to settle a lawsuit by the Salt Lake City, Utah-based chemical company.

Apollo had agreed to buy Huntsman in mid-2007 and combine it with its portfolio company Hexion Specialty Chemicals. It attempted to withdraw from the deal about a year later, and eventually settled with Huntsman for $1bn.

Huntsman then sued the two banks for not providing financing for Apollo’s deal, seeking $4.65bn in compensatory damages. Punitive damages could have brought the total to as much as $13bn.

• Huntsman release
• Bank release 
  
  
  

10 Dec 2008 -

Switching gears

30 Sep 2008 -

Toxic chemicals