ZURICH, July 4 (Reuters) - Activist investor Corvex and roofing maker Standard Industries’s investment arm have joined forces to take a 7.2 percent stake in Clariant, urging the Swiss chemical maker’s shareholders to reject a proposed merger with Huntsman Corp..
“There are excellent opportunities to unlock value from the many high quality businesses that currently comprise Clariant,” a spokesman for White Tale, the vehicle Corvex and Standard Industries created to take the Clariant stake, said on Tuesday.
“Unfortunately, we do not believe that the proposed merger with the Huntsman Corporation is one of those options.”
In their merger pact announced in May, Huntsman and Clariant said the combination would be 52 percent owned by Clariant shareholders and valued at around $20 billion including debt. (Reporting by John Miller, editing by John Revill)