Huntsman And Clariant Reportedly Near Agreement To Merge In All-stock Deal

(RTTNews) - Huntsman Corp. (HUN) and Switzerland's Clariant AG (CLZNY.PK, CRN.L, CLZNF.PK) are near an agreement to merge in an all-stock deal that would create a chemicals giant worth about $14 billion, the Wall Street Journal reported, citing people familiar with the matter.

No deal has yet been signed, the Journal said, but terms being discussed call for Clariant shareholders to own about 52% of the new entity, and Huntsman investors to own the rest—based on their current values.

Huntsman Chief Executive Peter Huntsman is to hold that title at the new company with Clariant CEO Hariolf Kottmann taking the chairman role. The new group, with board representation evenly split, is to be called HuntsmanClariant, the report said.

The report noted that the deal, which could be announced as early as Monday, would create a trans-Atlantic company valued at about $20 billion including debt.