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Clariant and Huntsman have presented a first update on the planned merger of equals.
The preparations to create HuntsmanClariant, a leading global speciality chemicals company, are showing continued strong progress and are proceeding as planned with an unchanged closing targeted for December 2017/January 2018.
This is despite an attempt by a subsection of Clariant shareholders to block the deal.
Clariant and Huntsman have agreed on a joint strategic direction for near- and long-term value creation.
This is based on continued focus on higher growth and higher margin businesses, expansion of existing strong downstream presence, reaping benefits of complementary product portfolios and increased sales.
The merger will reap benefits between Performance Products, Care Chemicals and Natural Resources, which represent approximately 35% of HuntsmanClariant combined sales.
The companies complementary assets and geographic fit provide significant commercial opportunities and more global reach within established routes to market.
Furthermore, HuntsmanClariant will continue to move downstream into specialties and more differentiated applications.
HuntsmanClariant’s position as a leading global specialty chemicals company will further benefit from complementary R&D and technological expertise as well as shared knowledge in sustainability and cross-fertilisation in innovation and technology capabilities.
There is a clear, joint understanding that the combined company’s future core segments and the direct majority of investments will be directed to growth areas and growth regions.
Key regulatory filings have been submitted, including in the US, EU and China, and no regulatory roadblocks are expected to disrupt closing the deal.
