REXENE CORP
DFAN14A, 1997-05-28
PLASTIC MATERIALS, SYNTH RESINS & NONVULCAN ELASTOMERS
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               Section 240.14a-101  Schedule 14A.
          Information required in proxy  statement.
                 Schedule 14A Information
   Proxy Statement Pursuant to Section 14(a) of the Securities
                      Exchange Act of 1934
                        (Amendment No.  )
Filed by the Registrant [ ]
Filed by a party other than the Registrant [X]
Check the appropriate box:
[ ]  Preliminary Proxy Statement
[ ]  Confidential, for Use of the Commission Only (as permitted
     by Rule 14a-6(e)(2))
[ ]  Definitive Proxy Statement
[X]  Definitive Additional Materials
[ ]  Soliciting Material Pursuant to Section 240.14a-11(c) or Section
     240.14a-12

                    REXENE CORPORATION
 .................................................................
     (Name of Registrant as Specified In Its Charter)

        GUY P. WYSER-PRATTE AND SPEAR, LEEDS & KELLOGG
 .................................................................
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)


Payment of Filing Fee (Check the appropriate box):
[X]  No fee required
[ ]  Fee computed on table below per Exchange Act Rules 14a-6(i)(1)
           and 0-11

     (1) Title of each class of securities to which transaction
           applies:


     ............................................................

     (2)  Aggregate number of securities to which transaction
           applies:


     .......................................................

     (3) Per unit price or other underlying value of transaction
computed pursuant to Exchange Act Rule 0-11 (set forth the amount
on which the filing fee is calculated and state how it was
determined):


     .......................................................

     (4) Proposed maximum aggregate value of transaction:


     .......................................................

     (5)  Total fee paid:


     .......................................................

[ ]  Fee paid previously with preliminary materials.
[ ]  Check box if any part of the fee is offset as provided by
     Exchange Act Rule 0-11(a)(2) and identify the filing for
     which the offsetting fee was paid previously.  Identify the
     previous filing by registration statement number, or the
     Form or Schedule and the date of its filing.

          (1) Amount Previously Paid:

           
          .......................................................

          (2) Form, Schedule or Registration Statement No.:


          .......................................................

          (3) Filing Party:


          .......................................................

          (4) Date Filed:

            
          .......................................................



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NEWS RELEASE

                        [LETTERHEAD MACKENZIE PARTNERS, INC]

CONTACT:
Stanley J. Kay, Jr.
MacKenzie Partners, Inc.
212/929-5940

FOR IMMEDIATE RELEASE:

                        WYSER-PRATTE/SPEAR LEEDS PLEASED BY
                         EXTENSION OF REXENE TENDER OFFER

NEW YORK, NEW YORK, May 28th,  1997--Wyser-Pratte & Co., Inc. and Spear, Leeds &
Kellogg  stated today that they  were  pleased  that Rexene  Corporation  (NYSE:
RXN) had extended  the  expiration  date  for  its Dutch auction tender offer to
June 19, 1997.

They  said  that they hoped the Company will sign an acquisition agreement  with
Huntsman Corporation by  the  new  expiration  date,  so  that  the offer can be
cancelled and the stockholders can receive $16 cash for all their shares


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