U.S. private equity firm Apollo Management unveiled a $6 billion bid proposal for Huntsman on Wednesday, 8% higher than a deal accepted by the U.S. chemical company last week.
European stock markets were slightly higher Wednesday, following a lackluster session in Asia.
Stocks finished lower in a choppy session that was overshadowed by concerns about the housing slowdown and a meltdown in the subprime mortgage industry. "The financials tend to lead the market down and that's what they were doing today," said Robert Albertson, chief strategist at Sandler O'Neill. "I think it goes well beyond subprime. "
Chemicals maker Basell said Tuesday it has agreed to buy U.S. chemical company Huntsman for $5.6 billion excluding debt, in a bid to strengthen its position as a global chemicals group.