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Huntsman corp (NYSE:HUN) is a specialty chemical maker in the US, with operations all over the world. It was founded by Jon M. Huntsman in 1970.
Huntsman settles lawsuit with Apollo and banks
June 25 2009, SEC filing 8-K regarding settlement with banks.
Dec 15 2008, SEC filing 8-K regarding settlement with Apollo Group.
Matlin Paterson, who owns a big chunk of Huntsman stocks, sold his stake in 2007 (in hindsight, that’s a good price. Source: Yahoo Finance; Forbes). It seems he still has a significant stake though (source: MSN MoneyCentral, HMP Equity Trust).
Jon Huntsman (father, founder and chairman) and Peter Huntsman (son, CEO) on Fox Business News (link here)
My thoughts: initially I wonder why Huntsman did not call Buffett first when they tried to sell their family company. I can think of two reasons:
1) Huntsman wanted a good price, that’s why they took Matlin Paterson’s money (give Matlin substantial stake) before 2005 IPO. As matter of fact, Apollo Group courted Huntsman at the same time but backed out;
2) Related, Buffett says he never bid for a company.
Disclosure: have positions as of this writing. Subject to change without notice.