He also found Hexion had "knowingly and intentionally" violated several of its covenants under the agreement.

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In suing Huntsman, Hexion said its change of heart came after Huntsman's deteriorating financial performance placed it on a path to insolvency.

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Despite the decision, which came late Monday, the year-long saga may not be over as Hexion said it was reviewing the decision and its options.

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Huntsman also said it's possible that Apollo and Hexion were just trying to defeat a merger of Huntsman and Basell to protect Hexion's market share.

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That's not to say Hexion has to close the deal.

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Huntsman said that in addition to denying the relief sought by Apollo and Hexion, the court also found that Hexion had breached a number of obligations and covenants under the merger agreement.

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Previously, in last week's episode of the Huntsman drama, it was sued by the Columbus, Ohio-based Hexion, a unit of Apollo, because it didn't want to go through with a promised deal.

FORBES: Huntsman Goes After Apollo

In his ruling, Judge Stephen Lamb said if the deal did not close by Oct. 1, the termination date for the merger would be extended until the court determined that Apollo and Hexion had complied with the order.

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