The fight over chemicals company Clariant’s future turned bitter on Monday, October 30, as activists who thwarted a US$20 billion merger with Huntsman threatened to call a shareholder meeting if they do not get three board seats and a strategy review.
Clariant and Huntsman dropped tie-up plans on Friday after White Tale, an investment vehicle backed by hedge fund manager Keith Meister and New York-based fund 40 North, raised its Clariant stake to more than 20%.
Meister and 40 North’s David Winter and David Millstone took Clariant executives including Chief Executive Hariolf Kottmann to task, accusing them of ignoring their demands.
“Unfortunately, Clariant management’s comments since Friday betray a desire to go back in time and pretend this episode did not occur,” White Tale said.
“Should we be unable to come to agreement with the current board of directors shortly, we will have no choice but to move to call an extraordinary general meeting so that all shareholders can have a voice in Clariant’s future.”
Full Content: Wall Street Journal
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