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SABIC REACHES AGREEMENT ON US$ 700 MILLION ACQUISITION OF HUNTSMAN BUSINESS
Saudi Press Agency Published in Saudi Press Agency on 28 - 09 - 2006

Mohamed Al-Mady, Vice Chairman and CEO of Saudi Basic Industries Corporation (SABIC) and Peter Huntsman, President and CEO of Huntsman Corporation (NYSE: HUN) today announced they have agreed terms under which SABIC will acquire 100 per cent of the shares of Huntsman Petrochemicals (UK) Ltd (Huntman's European Base Chemicals and Polymers business) for a purchase price of US$ 700 million in cash.
After the completion of the deal, SABIC intends to complete the construction of the 400kpta capacity polyethylene (LDPE) plant in Wilton, Teeside at an investment cost of US$150 million. The acquisition marks a significant step in SABIC's global growth plans. The Huntsman business adds substantial capacity to SABIC Europe and complements the group's strong home base in the Kingdom of Saudi Arabia.
On completion of the deal, all 830 Huntsman Petrochemicals (UK) Ltd employees will transfer to SABIC under the same employment conditions.
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