Huntsman-Clariant deal is off
27/10/2017
In a joint statement on October 27, Peter Huntsman and Hariolf Kottmann, the chief executives of the two companies, said they remain convinced that the merger would have been in the long-term best interests of Huntsman and Clariant shareholders. But they pointed out that an “activist investor”, White Tale Holdings, which is opposed to the merger, has devoted time and effort since the May announcement to “the continued accumulation” of Clariant shares. They said White Tale Holdings has now convinced some other shareholders to withdraw their support for the merger.
“Under these circumstances and in light of the high level of disruption and uncertainty that has been created for both companies,” the chief executives said in the October statement, “we have jointly decided to terminate the merger agreement. This will allow both companies to focus again fully on their respective stand-alone strategies in the best interests of the companies and their shareholders, associates, and other stakeholders.”
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