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Meister's Corvex Management targets Clariant - Bloomberg

Published 03/07/2017, 23:29
Updated 03/07/2017, 23:40
© Reuters.  Meister's Corvex Management targets Clariant - Bloomberg
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(Reuters) - Hedge fund Corvex Management LP, run by activist investor Keith Meister, has built a stake in Clariant AG (S:CLN) to undo the Swiss speciality chemical maker's $6.4 billion (5 billion pounds) planned takeover of Huntsman Corp (N:HUN), Bloomberg reported on Monday, citing people with knowledge of the matter.

The fund, which has built a stake exceeding the threshold of 3 percent, plans to push Clariant to explore alternatives to the Huntsman deal, including a potential sale, Bloomberg said. (https://bloom.bg/2sklMRU)

Corvex believed the Huntsman acquisition lacked strategic rationale, Bloomberg reported, citing the unidentified sources.

Clariant and Corvex Management were not immediately available for a comment.

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