Huntsman says banks never planned to fund takeover

* Huntsman says banks never planned to fund deal

* Huntsman says Credit Suisse, Deutsche picked to woo co

* Huntsman shares down 2 percent

By Matt Daily

NEW YORK, June 15 (Reuters) - Credit Suisse (CSGN.VX: Quote, Profile, Research) and Deutsche Bank (DBKGn.DE: Quote, Profile, Research) never planned to honor contracts to finance a $6.5 billion takeover of Huntsman Corp (HUN.N: Quote, Profile, Research) and hid a side deal designed to protect themselves, the chemical company's lawyers told a Texas court on Monday.

Instead, the two banks simply wanted to collect millions of dollars in fees under Hexion Specialty Chemicals' 2007 leveraged buyout deal for Texas-based Huntsman, the lawyers said in opening statements at a trial in Texas state court in Conroe.

In a lawsuit that pits Huntsman against two of Wall Street's biggest players, the chemical company is suing the banks for more than $4.65 billion after Hexion owner Apollo Management LP [APOLO.UL] and the banks backed out of the deal and claimed it would create an insolvent company as the U.S. economy deteriorated.

The day before the deal was signed, Huntsman executives were celebrating their sale to Hexion, Kathy Patrick of law firm Gibbs and Bruns, which represents the company, told the jury in opening statements at the trial.

"What they did not know was on that very day, the banks intended to betray their trust," she said.