White Tale Holdings, which forced Clariant to scrap its planned $20-billion merger with Huntsman on Friday, has demanded three board seats at Clariant as well as a review of strategic alternatives by an independent financial advisor.
White Tale, an investment vehicle created by hedge fund Corvex Management (New York) and investment advisor 40 North Management (New York), says it has over 20% of Clariant shares.
Clariant says it has engaged in an initial discussion with White Tale and will continue talks with shareholders in the coming weeks. The company says it will present its existing growth strategy and listen to White Tale’s plans and review suggestions, including the call for board seats. White Tale’s requests will be discussed in its next board meeting, Clariant says.
White Tale says it will call an extraordinary general meeting if it is unable to reach agreement with Clariant. “While the termination of the ill-conceived Huntsman merger is a positive first step in executing on this strategy, by no means is this a cause for celebration,” White Tale says in a statement. “Unfortunately, Clariant management’s comments since Friday betray a desire to go back in time and pretend this episode did not occur. It is not October 2016. We have been both consistent and clear on what we believe is next for Clariant.”
By Francinia Protti-Alvarez
Source: Chemical Week
International Chemical Investors Group (ICIG) has entered exclusive negotiations with Nippon Soda and made what it said is a “firm and binding offer” to acquire the Japanese group’s offshoot Métaux Spéciaux (MSSA), a sodium metal specialist.
Aligning with the SC’s key initiatives on responsible plastic recycling, Coca‑Cola Middle East’s pilot of 100% rPET bottles marks the first time the packaging will be in circulation at a FIFA World Cup tournament and serves as Coca‑Cola’s debut in locally producing the bottles in the region.
Through the transaction, Neste is acquiring a leading UCO collection and recycling business on the US West Coast, covering the collection, logistics and storage of UCO in California, Oregon and Washington. Together with the previous acquisitions (…) the transaction continues to enhance Neste’s global raw materials sourcing platform.
