Univar Investor Engine Capital Calls for Full Sales Process

An investor in Univar Solutions Inc. is calling for the chemical company to run a full sales process to maximize shareholder value after it confirmed preliminary takeover talks last week with German rival Brenntag SE.

Engine Capital, which said it owns roughly a 1% stake in Univar, sent a letter to the company’s board Wednesday arguing the approach confirms its view that the stock is undervalued. While it commended Univar for its recently expanded share buyback program -- something Engine Capital suggested in another board letter in October -- it called for a full sales process now that the company is effectively in play.