Clariant: to present strategic plan in early 2018.
(CercleFinance.com) - Clariant will present a strategic plan designed to create value at the beginning of 2018, the Swiss chemicals maker said on Friday.
The Basel-based group said the plan has been developed following the termination of its planned merger with US rival Huntsman, which was forced by activist investor White Tale.
After meeting with the US investment fund, Clariant has decided to offer White Tale an additional member seat on its board at the upcoming AGM in March 2018.
But Clariant says White Tale did not present any strategy, instead focusing on finding bidders for various businesses with the ultimate aim of breaking up the company.
Saying that the plan is not in line with its own vision, in early 2018 Clariant intends to present a series of initiatives, including "M&A activities, short-term portfolio management options, potential returns to shareholders, a thorough review of the cost base and the pursuit of additional growth opportunities."
However, the shares were not reacting much to these announcements on Friday morning in Zurich, adding just 0.2% at 26.65 Swiss francs.
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