HOOFDDORP, THE NETHERLANDS – Chemicals maker Basell said it has decided not to raise its $5.6 billion bid for Huntsman Corp.

Huntsman originally signed a merger agreement with Basell, but that was trumped last week by $6.5 billion bid from Hexion Specialty.

Huntsman gave Basell until Wednesday to counter the Hexion offer and did not change its original recommendation in favor of the Basell deal.