Switzerland: Clariant hires Goldman to fend off activist in Huntsman merger

Specialty chemicals group Clariant has hired Goldman Sachs as an additional adviser to help stave off an activist investor’s campaign to derail its planned merger with US rival Huntsman.

The Swiss company is facing pressure from White Tale Holdings, which holds more than 10% of its shares and is lobbying other investors to oppose the $20 billion merger with Huntsman.

Clariant said in May that it was working with Citibank and UBS on the planned merger, while Bank of America and Moelis were acting as Huntsman’s financial advisers..

“We can confirm that we have retained Goldman Sachs as additional adviser in relation to the investment, the positions taken and demands made by White Tale,” a Clariant spokeswoman said on Monday.

The addition of Goldman is designed to help lobby shareholders to support the deal, people close to the matter said.

“Goldman has been taken on board because of their knowledge and ties to US investors and ability to predict and preempt White Tales’ next moves,” one of the people said.

Clariant Chief Executive Hariolf Kottmann has been in discussions with White Tale and the two sides have assured each other they would continue a dialogue, the source added.

Full Content: The Street

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