ZURICH, Nov 24 (Reuters) - Clariant on Friday rejected its largest shareholder’s demand for an independent strategic review and offered just one potential seat on the Swiss speciality chemicals maker’s board, not the three places it wanted.
Clariant said the review request by White Tale, which last month blocked Clariant’s planned merger with U.S. based Huntsman , was “unanimously rejected” by its board.
“The Board of Directors perceives this process to be merely focused on finding bidders for various businesses with the ultimate consequence of (breaking up) the company and selling the assets,” said Clariant, which earlier on Friday announced plans for a strategic update in 2018.
A spokesman for White Tale declined to comment. (Reporting by John Miller, editing by John Revill)