(Wall St. Journal-Deal Journal Blog) What does a $6.5 billion merger involving chemicals companies Hexion and Huntsman have to do with the gigantic proposed $15.4 billion proposed deal between Wells Fargo and Wachovia?
Maybe everything.
This week, a Delaware judge ruled that Apollo-owned Hexion could not squirm out of its agreement to buy Huntsman. Hexion, the judge said, signed a deal and had to make a good-faith effort to go through with it even if the credit crunch made conditions harder. For lawyers, the Hexion-Huntsman decision was a shocker, and it showed that the Delaware courts are becoming highly intolerant of any attempts to walk away from deals.
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