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June 19 (Bloomberg) -- Huntsman Corp. fell the most ever in New York trading after buyout firm Apollo Management LP and its Hexion Specialty Chemicals Inc. unit sued to back out of an agreement to acquire the chemical maker for $6.54 billion.

Hexion, which agreed last July to pay $28 a share for the Salt Lake City-based company, said in a complaint filed yesterday in Delaware Chancery Court that the deal was no longer viable because Huntsman's debt had increased and profits wouldn't meet previous forecasts. Huntsman dropped $8.33, or 40 percent, to $12.53 at 11:47 a.m. in New York Stock Exchange composite trading, the most since it went public three year ago.

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