DealReporter: Huntsman Hires Bank to Explore Sale

Monday, 02 Apr 2012 05:44 PM

 

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Shares of Huntsman Corp., the U.S. chemicals producer founded by Jon Huntsman Sr., rose the most in six weeks after DealReporter said it hired Bank of America Corp. to explore a potential sale of the company.

Huntsman rose 7 percent to $14.99 at the close in New York, the biggest gain since Feb. 16.

DealReporter cited two people in the industry whom it didn’t identify. Gary Chapman, a spokesman for Huntsman, which is run from Salt Lake City and The Woodlands, Texas, declined to comment in an e-mail.

Jon Huntsman Sr. said in a March 8 investor presentation that he’d pursue a sale of the company “at the right price” because it’s being undervalued by the market.

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