October 27, 2017 / 5:17 AM / 10 months ago

Clariant, Huntsman abandon $20 bln merger as opposition intensifies

ZURICH, Oct 27 (Reuters) - Swiss specialty chemicals maker Clariant and Huntsman have agreed to abandon their proposed $20 billion merger, bowing to a growing number of shareholders who had joined activist investor White Tale to oppose the deal.

“Given the continued accumulation of Clariant shares by activist investor White Tale Holdings and its opposition to the transaction, which is now supported by some other shareholders, we believe that there is simply too much uncertainty as to whether Clariant will be able to secure the two-thirds shareholder approval that is required to approve the transaction,” the companies said in a joint statement on Friday.​ (Reporting by John Miller; Editing by Michael Shields)

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