NEW YORK, June 26: Dutch chemical firm Basell is buying the US chemical company Huntsman Corporation for $9.6 billion in deal that has been approved by both companies’ boards, the two chemical groups said on Tuesday.

Basell and Huntsman said in a joint statement that the all-cash deal was worth $25.25 per Huntsman share. The takeover offer requires approval by Huntsman’s shareholders and is subject to US and European Union regulatory reviews.

“This transaction opens a new chapter in the proud history of Huntsman and for the thousands of people who work in our facilities around the world,” said Jon Huntsman, Huntsman’s founder and chairman.

The combined company will have a wide geographic footprint, with operations on all the world’s continents, including China, India, eastern Europe and Latin America, the firms said.

In 2006, Basell and Huntsman had combined revenues of more than $26 billion and employed 20,900 people.—AFP