Chemicals groups Huntsman, Clariant set to announce merger: sources

Reuters News
Posted: May 21, 2017 6:56 PM

(Reuters) - Hunstman Corp <HUN.N> and Clariant AG <CLN.S> are set to announce their merger on Monday, creating a chemical manufacturer with a market value of more than $14 billion, people familiar with the matter said on Sunday.

The Wall Street Journal reported earlier on Sunday, citing sources, that Clariant shareholders stood to own about 52 percent of the combined company following the merger, with Huntsman shareholders owning the remainder.

The newspaper added that Huntsman Chief Executive Peter Huntsman would become CEO of the combined company, while Clariant CEO Hariolf Kottmann would become chairman, with board representation evenly split.

The sources asked not to be identified because the negotiations are confidential. A Huntsman spokesman declined to comment, while Clariant did not immediately respond to a request for comment.

(Reporting by Greg Roumeliotis in New York; Editing by Peter Cooney)