The chemical maker Huntsman said on Monday that a Texas court cleared the way for it to proceed with a multibillion-dollar lawsuit against Credit Suisse and Deutsche Bank stemming from its failed takeover by Apollo Management’s Hexion Specialty Chemicals unit.
The company said Judge Fred Edwards of the Ninth District Court of Montgomery County, Tex., ruled in its favor on six motions brought by the banks.
Huntsman agreed to end its $6.5 billion agreement to be acquired by Hexion in December after months of litigation. Apollo and its affiliates paid $1 billion to settle the suit.
But the company has proceeded with its lawsuit against Credit Suisse and Deutsche Bank, the banks that had agreed to finance the Hexion deal, claiming that the banks had conspired with Apollo and interfered with Huntsman’s previous merger pact with Basell.
Huntsman said it would go to trial on June 8, claiming that the banks committed common law fraud in connection with its original agreement to merge with Basell, tortious interference with its merger agreement with Hexion, negligent misrepresentation and civil conspiracy.
Credit Suisse and Deutsche Bank could not immediately be reached for comment."