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Activist White Tale to take demands to Clariant shareholders

Posted by: Admin | Posted on: November 28th, 2017 | 0 Comments

ZURICH (Reuters) – Activist investor White Tale said it would take its demands directly to Clariant’s (CLN.S) shareholders after the Swiss specialty chemicals maker snubbed its request for an independent strategic review and three seats on its board of directors.

“White Tale has been consistent in both private conversations and in our public statements about the need for a thorough, independent review of all strategic alternatives,” White Tale said on Tuesday.

It holds more than 20 percent in Clariant, making it the biggest shareholder.

“We look forward to bringing these matters to shareholders directly,” White Tale, whose principals include hedge fund manager Keith Meister and the New York City investment firm 40 North, said in a statement.

White Tale last month succeeded in derailing Clariant’s planned $20 billion merger with U.S.-based Huntsman HUN.S and threatened at the time to call an extraordinary general meeting if the company did not meet its demands.

Last week, Clariant refused to hire an outside investment bank to review its options, contending that White Tale wanted such a process only because it was seeking to break up the Swiss company. The board offered White Tale just one possible seat on the board.

White Tale said on Tuesday it had never advocated breaking up the company “despite the false claims by Clariant”.

Reporting by Silke Koltrowitz; Editing by Tom Hogue and Michael Shields

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