Hexion, the chemicals group created by Apollo Management, yesterday won the short bidding war for Huntsman after a sweetened $6.5bn offer was accepted by its US rival.

The agreed deal breaks up the planned combination of Huntsman and Netherlands-based Basell, which declined to raise its own offer. Basell is left nursing its second defeat this year after losing out to Saudi Arabia's Sabic in the auction of General Electric's plastics business.