November 24, 2017 / 5:54 AM / a year ago

Clariant plans strategic update in 2018 amid shareholder pressure

ZURICH, Nov 24 (Reuters) - Clariant said on Friday it will update its strategy next year amid pressure from its largest investor which demanded three seats on the Swiss specialty chemicals maker’s board after a failed merger attempt.

White Tale, the investment vehicle of hedge fund manager Keith Meister and New York-based fund 40 North, halted Clariant’s merger with U.S.-based Huntsman after boosting its stake in the Swiss company above 20 percent.

“Clariant’s management is fully aware that the new situation following the termination of the merger will require additional efforts to update the strategy which will now be implemented on an accelerated basis,” Clariant said in a statement, adding the strategic update will address merger-and-acquisition activities, short-term portfolio management options and potential returns to shareholders. (Reporting by John Miller, editing by John Revill)

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