Apollo Management LP offered $6.35 billion for American chemical maker Huntsman Corp., topping a bid from billionaire Len Blavatnik’s Access Industries Holdings LLC.

The New York-based buyout firm offered $27.25 a share in cash, Huntsman said in a statement yesterday. That’s $2 more than Access’s recommended bid made on June 26 and 44% higher than the stock’s close the previous day.

Apollo would combine Huntsman, the world’s biggest maker of epoxy adhesives, with its Hexion Specialty Chemicals Inc. division, the No. 1 producer of binding resins used in plywood. New York-based Access planned to buy Huntsman to add specialist products to its Dutch chemicals business, Basell Holdings BV.

“The Basell offer seemed fair, but a company that’s already engaged in specialty chemicals might be able to extract more synergies and can afford to pay more,” a chemicals analyst at Sal. Oppenheim in Cologne, Germany, Marcus Konstanti, said. “Whether Basell and Access bid again may depend on how important they think this is strategically in defending against a downturn.”

Shares of Huntsman, the fifth-biggest American chemical maker, have advanced 29% so far this year, rising 0.2% to $24.40. Huntsman shares in Germany traded up 8% at $26.34.

Huntsman, which is run from Salt Lake City and Houston, said its board and a committee of independent directors have concluded that the new approach “could reasonably be expected to lead to a superior proposal” and are in talks with Hexion.

The company indicated in February it might be open to takeover as the chairman, Jon Huntsman, seeks funds for philanthropic work. Prior to the Access bid Huntsman’s stock had fallen 18% since a share offering in February 2005, prompting the company to shed commodity chemicals and focus on products that are less exposed to swings in the economy and raw-material prices.