Reuters logo
Activists opposed to Huntsman merger raise Clariant stake
September 28, 2017 / 7:22 AM / 23 days ago

Activists opposed to Huntsman merger raise Clariant stake

ZURICH (Reuters) - Activist investors seeking to block specialty chemicals maker Clariant’s (CLN.S) merger with Huntsman (HUN.N) of the U.S. have boosted their stake in the Swiss company.

The logo of Swiss specialty chemicals company Clariant is seen at the company's headquarters in Pratteln, Switzerland August 9, 2017. REUTERS/Arnd Wiegmann

A notice published on Thursday by the Swiss stock exchange showed White Tale Holdings, which has been used by hedge fund investor Keith Meister and New York City investors David Winter and David Millstone to amass Clariant shares, owns 15.19 percent of voting rights, up from 15.098 percent on Sept. 20.

White Tale says the merger with Texas-based Huntsman will destroy value, while Clariant argues the $20 billion deal to create the world’s second-biggest specialty chemicals company will produce hundreds of millions of dollars in synergies.

Clariant has yet to schedule a shareholder meeting to vote on the tie-up, which must win two-thirds support to proceed.

Reporting by John Miller; editing by Alexander Smith

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below