February 14, 2018 / 6:22 AM / a year ago

Clariant 2017 profit misses estimates after turbulent year

ZURICH, Feb 14 (Reuters) - Swiss specialty chemicals maker Clariant’s full-year net profit rose 9.5 percent, less than analysts had expected, as the company was hit by one-time costs amid a failed merger and fight with an activist shareholder.

Clariant’s net profit after minority interests rose to 277 million Swiss francs ($297 million), it said on Wednesday, compared to the 332 million franc average estimate of analysts polled by Reuters. It had 180 million francs in one-time costs, compared to 107 million francs in 2016.

Clariant abandoned a planned merger with U.S. company Huntsman last year after activist investors built up a large stake and criticised the deal as “value-destructive.”

In January, Saudi Basic Industries Corp bought a 25 percent stake in Clariant from the activist investors. SABIC, the world’s number four chemical firm, said it had no current plans to launch a full takeover.

$1 = 0.9327 Swiss francs Reporting by John Miller; Editing by Michael Shields

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