1. Clariant Rebuffs Demands of Activist Investor

    Clariant Rebuffs Demands of Activist Investor

    ZURICH--Swiss chemicals company Clariant AG on Friday rejected many demands of its largest shareholder in the wake of the failed $15 billion merger with U.S.-based Huntsman Corp., escalating a battle with activist investors. Clariant offered White Tale Holdings--which owns more than 20% of Clariant--one seat on its board of directors, short of the three seats White Tale had requested. It also dismissed White Tale's call to hire an investment bank to explore strategic options for the company...

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    1. The board of directors perceives this process to be merely focused on finding bidders for various businesses with the ultimate consequence of breakup the company and selling the assets.
    2. Bottom line...it's clear Clariant will resist attempts to break up the company, and at its current valuation, we struggle to see major new options to drive upside.
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