Shareholders at chemicals company Huntsman have voted in favour of a merger with Hexion Specialty Chemicals, Inc.

Subject to conditions, Hexion will acquire all of the outstanding common stock of Huntsman for $28 per share in cash. The cash price per share to be paid by Hexion will increase at the rate of 8% each year beginning April 6, 2008, if the merger has not taken place before this date.

Huntsman manufactures and markets differentiated chemicals for a number of industries including footwear and textiles. The company has 13,000 employees and its 2006 revenues were more than $13 billion.

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