ICI in October exercised an option to sell its stake in Huntsman International to U.S.-based Huntsman. A year ago, ICI said it would sell its stake for about $365 million.

Huntsman, the world's biggest privately held chemical company, was forced to seek a delay in the deal after it failed to obtain financing.

As part of a program to focus on specialty chemicals, ICI in 1999 sold a 70% stake in its polyurethanes, titanium dioxide and petrochemicals businesses to Huntsman. Huntsman used the assets to form Huntsman International in line with a strategy aimed at expansion in Europe. But slowing economies and the subsequent impact on the chemical sector have put a squeeze on the company's finances, according to published news reports.