Status:  Abandoned

 

Acquirer:  Clariant Ltd. (Switzerland)

Acquired:  Huntsman Corporation (US)

Value: US$20 billion

Industry:  Chemicals

 

Chemical_LabUPDATE:  On October 26, 2017, Huntsman Corporation and Clariant Ltd., “entered into a Termination Agreement, dated as of October 26, 2017 . . . pursuant to which the parties mutually terminated the Merger Agreement” entered on May 21, 2017.  (Huntsman Corp. Form 8-K, Oct. 27, 2017, SEC Filing.)  According to a joint statement by  Peter R. Huntsman, President and CEO of Huntsman, and Hariolf Kottmann, CEO of Clariant, shareholder opposition created “uncertainty as to whether Clariant will be able to secure the two-thirds shareholder approval that is required to approve the transaction under Swiss law.” (quoted in Clariant Press Release, Clariant And Hunstman Jointly Decided To Abandon Planned Merger Of Equals, Oct. 27, 2017; and, Huntsman Press Release, Huntsman and Clariant Mutually Agree to Abandon Planned Merger of Equals, Huntsman Corp. Form 8-K, Ex-99.1, Oct. 27, 2017, SEC Filing.)

Posted August 7, 2017

Status: New Filing

According to a merger update issued by Huntsman Corporation and Clariant Ltd., in relation to the parties’ proposed merger agreement whereby Huntsman will become a wholly-owned subsidiary of Clariant, the parties have submitted a “preliminary CFIUS filing.” (Merger Update Presentation, Slide 7, Huntsman Corporation Form-425, July 27, 2017, SEC Filing.)

Posted on May 24, 2017

Status: Upcoming/New Filing

On May 21, 2017, Huntsman Corporation, a Delaware corporation, and Clariant Ltd., a Swiss corporation, entered into an Agreement and Plan of Merger pursuant to which a wholly-owned subsidiary of Clariant will merge with and into Huntsman, with Huntsman being the surviving corporation and a wholly-owned subsidiary of Clariant.  (See Huntsman Form 8-K, May 23, 2017, SEC Filing.)  Huntsman is a global manufacturer and marketer of differentiated chemicals, with more than 100 manufacturing and R&D facilities, and with 5 business divisions (including the Pigments and Additives division, which it intends to IPO as Venator Materials Corporation).  (Huntsman Press Release, Huntsman and Clariant to Combine in Merger of Equals, May 21, 2017.)  Clariant is a global specialty chemical company based in Muttenz near Basel/Switzerland, with four business areas in Care Chemicals, Catalysis, Natural Resources, and Plastics & Coatings.  (Id.)  Huntsman and Clariant have approved the transaction as a merger of equals. (Id.) The merged company will be named HuntsmanClariant with a combined enterprise value of approximately US$20 billion.  (Id.) According to the merger agreement, Committee on Foreign Investment in the United States (CFIUS) approval is a condition of closing. (See Agreement and Plan of Merger, § 7.1(e), Huntsman Form 8-K, Ex-2.1, SEC Filing, May 21, 2017.)