Clariant’s Board of Directors has approved a plan to define a concrete set of measures to enhance value creation, which could include acquisitions. An agreement has yet to be reached with the major shareholder White Tale.
Clariant has been developing a new strategy that will further value creation ever since the intended merger with the U.S. company Huntsman was terminated. As Clariant has now announced, its Board of Directors has approved a plan to define a concrete set of measures that will further the value creation that would have been accelerated by the merger with Huntsman. Options include acquisitions, potential returns to shareholders and the pursuit of additional growth opportunities. An example of the latter is Clariant’s recently announced investment in sunliquid technology.
Clariant will present details on its updated strategy to investors at the beginning of 2018. The growth strategy has already been presented to the Süd-Chemie legacy shareholders, which represent around 15 per cent of the outstanding shares, as well as the vast majority of institutional shareholders. Clariant states that it has their “broad backing for continuing its course of reaching a position in the top tier of the specialty chemicals industry”.
In a separate statement, Clariant reports on a meeting with the opposing major shareholder White Tail, which had originally asked for three seats on the Board of Directors. Clariant’s Board of Directors is instead offering White Tale the “option to initiate a registration process to propose one additional member into the Board of Clariant at the upcoming AGM in March 2018”. Clariant rejected a second request to hire an investment bank to conduct a strategic review process.