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LONDON, UK / ACCESSWIRE / October 30, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Huntsman Corp. (NYSE: HUN), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=HUN. The Company announced on Clariant jointly declared on October 27, 2017, that they have mutually called off their proposed $20 billion merger of equals. The decision was unanimously approved by the Boards of Directors of both companies. The Termination Agreement foresees no payment of a break fee on either side. For immediate access to our complimentary reports, including today's coverage, register for free now at:

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Discover more of our free reports coverage from other companies within the Chemicals - Major Diversified industry. Pro-TD has currently selected Eastman Chemical Company (NYSE: EMN) for due-diligence and potential coverage as the Company announced on October 26, 2017, its financial results for Q3 2017. Tune in to our site to register for a free membership, and be among the early birds that get our report on Eastman Chemical when we publish it.

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Reasons for Merger Termination

Peter R. Huntsman, President and CEO of Huntsman, and Hariolf Kottmann, CEO of Clariant, issued a joint statement stating that while both the companiesremain convinced that the proposed merger is in the long-term best interests of all the shareholders, but given the continued accumulation of shares by activist investor White Tale Holdings and their opposition to the transaction, supported by growing support of some other shareholders, there is too much uncertainty as to whether Clariant will be able to secure the two-thirds shareholder approval required to approve the transaction under Swiss law.

Because of these circumstances and the high level of disruption and uncertainty that has been created, it was decided jointly to terminate the merger agreement.

Post-Merger Termination, Clariant to Further Strengthen the Market Position

Rudolf Wehrli, Clariant's Chairman of the Board of Directors, expressed that the Company regrets the missed opportunity for value creation. Clariant's Board of Directors, CEO and Executive Committee will now focus on the proven strategy to further strengthen the Company's market position as a globally leading specialty chemicals company.

Merger Agreement Announced in May 2017

On May 22, 2017, Huntsman and Clariant announced that their Boards of Directors unanimously approved a definitive agreement to combine in a merger of equals through an all-stock transaction. The merged entity was likely to create a leading global specialty chemical company with sales of approximately $13.2 billion, an adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) of $2.3 billion and a combined enterprise value of approximately $20 billion at the announcement.

White Tale Holdings Allegations

According to the news release, White Tale Holdings claimed that the proposed merger transaction had no strategic merit and it both significantly destroyed existing Clariant's shareholder value and prevented Clariant from pursuing multiple alternative and opportunities to unlock value for its shareholders. White Tale Holdings had become Clariant's biggest shareholder with a stake of over 50 million shares and it voted against the merger.

About White Tale Holdings

White Tale Holdings is a Cayman Islands-based investment vehicle controlled by short-term oriented hedge funds, 40 North, and Corvex. The Company invested in Clariant only after the merger announcement, and now holds around 20% stake in Clariant.

About Huntsman Corporation

Founded in 1970, Huntsman is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals. The Company serves a broad and diverse range of consumer and industrial end-markets, including transportation, home life, construction, energy and fuels, clothing, and footwear. Huntsman is headquartered in The Woodlands, Texas.

About Clariant Corporation

Established in 1995, Clariant is one of the world's leading specialty chemical companies offering additives, such as flame retardants, polymer additives, waxes for application in coatings, plastics, printing inks, cosmetics, agriculture, catalysts for chemical, petrochemical, polymer, derivates for manufacturing agrochemicals, pharmaceuticals, to name a few. The Company operates as a subsidiary of Clariant AG.

Last Close Stock Review

On Friday, October 27, 2017, the stock closed the trading session at $31.06, rising 4.23% from its previous closing price of $29.80. A total volume of 14.07 million shares have exchanged hands, which was higher than the 3-month average volume of 2.77 million shares. Huntsman's stock price skyrocketed 16.68% in the last three months, 22.67% in the past six months, and 90.67% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have soared 62.97%. The stock is trading at a PE ratio of 17.50 and has a dividend yield of 1.61%. At Friday's closing price, the stock's net capitalization stands at $7.15 billion.

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SOURCE: Pro-Trader Daily