A PYMNTS Company

US: Clariant merger challenger doubles down against Huntsman

By  |  September 19, 2017

An activist investor has built up a 15% stake in Swiss chemicals group Clariant and is vowing to fight its planned US$20 billion merger with Huntsman.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    White Tale Holdings, an investment partnership created by hedge funds Corvex and 40 North, has written to Clariant’s board, urging them to rethink the deal.

    “It both significantly destroys existing Clariant shareholder value and prevents Clariant from pursuing multiple alternative and immediate opportunities to unlock value for its shareholders,” the investor wrote in a letter published on Tuesday, September 19.

    The letter continued, “The proposed transaction has no strategic merit and is a complete reversal of your own publicly-stated strategy of becoming a pure-play specialty chemicals company.”

    White Tale Holdings said it had become Clariant’s biggest shareholder with a stake over just over 50 million shares and would vote against the merger unless the company explored “all strategic alternatives” to the deal.

    Full Content: Financial Times

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.