Deals
Activist Targets Clariant in Bid to Scuttle Huntsman Deal
- Corvex, 40 North disclose joint 7.2% stake in chemical maker
- Huntsman deal lacks strategic rationale, U.S. investors say
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Clariant AG’s planned $6.4 billion takeover of Huntsman Corp. came under attack by two U.S. investors who are pushing the Swiss chemicals maker to explore alternatives to the six-week-old transatlantic deal.
Keith Meister’s activist hedge fund Corvex Management and 40 North, the investment firm run by David Winter and David Millstone, own about 23.9 million shares, or 7.2 percent, of Clariant, the investors said in an emailed statement Tuesday. The stake is held through a company called White Tale Holdings, now Clariant’s largest single shareholder, they said.