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HUNTSMAN MAKES OFFER TO BUY PITTSBURGH’S ARISTECH CHEMICAL

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Huntsman Chemical Corp.'s chairman Jon Huntsman has announced that he and his family have proposed to acquire Pittsburgh's Aristech Chemical Corp. through a $25-per-share tender offer.

Huntsman Chemical, headquartered in Salt Lake City, is the world's largest producer of polystyrene plastic. The Huntsman family of companies had revenues of approximately $1.4 billion in 1988.If the tender offer is successful, Huntsman will approximately double the size of his holdings. In addition to the proposed tender offer, Huntsman has also offered to assume all of Aristech's corporate debt, totaling some $185 million.

Aristech Chemical was spun off from USX Corp.'s chemical division in late 1986. The company, which produces plastic products including polypropylene plastic and industrial chemicals that include phenol and acetone, reported approximately $1.1 billion in revenues in fiscal 1988 and $188.2 million in net income.

Aristech has approximately 33.7 million shares outstanding. It opened Friday on the New York Stock Exchange at $22.125 a share, up $4.75, in heavy trading.

Huntsman first informed Aristech of his intention to acquire a substantial stake in the company's stock last February. On June 1, Huntsman indicated that he and his family members had acquired a little over 7 percent of Aristech's stock and might seek control of the company in a friendly takeover.

A spokesman for Aristech could not be reached for comment Friday, but Huntsman Chemical Corp. said, "Aristech said its board of directors will consider the friendly offer, which is subject to certain conditions, and will make a response at the appropriate time."