GE May Join Bid for Aristech

PITTSBURGH —  Utah chemical magnate Jon Huntsman and a General Electric Co. division said Friday that they are attempting to form a 50-50 joint venture that could acquire Aristech Chemical Corp. for more than $899 million.

Huntsman Holdings Corp. and GE Plastics of Pittsfield, Mass., said the proposal could enable Huntsman to boost his offer for Aristech to at least $26 a share from $25, according to a letter that the Salt Lake City businessman mailed to Aristech board member R. S. Evans.

Aristech spokesman David Higie declined to comment Friday.

Huntsman is in a bidding war for Aristech with Mitsubishi Corp. of Japan and Aristech’s senior management, which last week offered $26 a share. The senior management group is led by Aristech Chairman Thomas Marshall.

Aristech has about 32 million shares outstanding, or 34.6 million when fully diluted. Aristech stock dropped 12.5 cents to $25.125 in New York Stock Exchange trading on Friday

Huntsman’s $25-a-share offer, worth about $865 million, was rejected in November.