You just knew this was coming. Credit Suisse and Deutsche Bank said a few months ago that they were not obligated to go forward with financing the Hexion Specialty Chemicals $6.5 billion takeover of Huntsman. It's now official. Hexion, owned by Apollo Management, has nixed the deal. It will pay Huntsman a $325 million termination fee, which will be paid by the two banks. This is certainly another blow to Leon Black, who heads Apollo. We're seeing more deals fall apart, as many expected, and Black has been among the hardest hit. All eyes remain on the Realogy deal, and Harrah's is also worth watching.  

For more:
- here's the article from the Financial Times

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