US-based manufacturer of differentiated chemicals and pigments Huntsman Corporation has terminated its previously announced merger agreement with Netherlands-based Basell AF and has now agreed to a definitive merger agreement with Hexion Specialty Chemicals, Inc., for a total value of approximately $10.6 billion, including the assumption of debt.

According to Huntsman, the Hexion transaction was deemed to be a superior proposal to the Basell offer and was unanimously approved by the board of directors. It remains subject to customary closing conditions, including regulatory approval in the USA and in Europe, as well as the approval of Huntsman shareholders.