Hedge fund Corvex Management LP, run by activist investor Keith Meister, has built a stake in Clariant AG (>> Clariant) to undo the Swiss speciality chemical maker's $6.4 billion (5 billion pounds) planned takeover of Huntsman Corp (>> Huntsman Corporation), 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.
(Reporting by Mekhla Raina; Editing by Dan Grebler)