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Peter Huntsman – Designated Chief of HuntsmanClariant Resists Criticism News

Friday, September 1st, 2017 | Economy

According to Peter Huntsman, Friday, an interview with the newspaper "Finanz und Wirtschaft", the allocation that Clariant shareholders will hold 52% of the new company and Huntsman shareholders 48%, is fair and based on the values ​​on the market ".
The shareholder group White Tale, which recently increased its stake in Clariant to 10 percent, is known to oppose the merger of the two chemical companies. The merger announced in May was lacking on strategic grounds, and Clariant was therefore looking for alternatives. In addition, the Clariant shares were rated too low, is the criticism.
"Almost invariably consent"
Huntsman said in the interview the oppositional White Tale as not representative of Clariant's shareholders. Of course, there are questions, but: "If things are explained, I almost always consent to approval".
His company also had years ago with Corvex – the one part of White Tale -, Huntsman recalls. Corvex had at that time strictly against the takeover of the business with titanium dioxide pigments of Rockwood staked. "Three weeks ago, we launched this business as a Venator, and it is clear that we have created billions of dollars in shareholders' share," said Huntsman.
Increase in profitability
On the strategic merger considerations, he said that it was not a matter of creating a much bigger Huntsman or a much larger clariant. "Then we would fail, we must take the best from both sides and form a new culture from it."
Peter Huntsmann is forecasting an operating profit margin (EBITDA) of up to 20% for the new company. Today Clariant and Huntsman reached about 15% each. "We should also be able to generate ample cash flow from our well-established EBITDA, more than 50% I hope." The goal is also to grow at least twice as fast as the global gross domestic product.
The merger of Clariant and Huntsman is scheduled for the end of year or early 2018. Clariant CEO Hariolf Kottmann is appointed Chairman of the Board of Directors and Peter Huntsman is to become a new CEO.


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