Clariant and Huntsman Abandon Merger; Clariant FVE Maintained
We are maintaining no-moat Clariant’s CHF 18 fair value estimate after the company announced that it had terminated its planned merger with Huntsman. In our May 22 note, “Merger Favors Huntsman Shareholders Over Clariant’s†we argued that the lion’s share of synergy value was accreting to Huntsman shareholders given its significant overvaluation versus Clariant. Consequently, we only raised our Clariant fair value estimate by 5% in response to the merger announcement while the Huntsman fair valu...Clariant is a specialty chemicals group based in Switzerland. Co. develops, manufactures, distributes and sells a broad range of specialty chemicals which play a key role in its customers' manufacturing and treatment processes or add value to their end products. Co. has manufacturing plants around the world and sells mainly in countries within Europe, the Americas and Asia. Co.'s businesses are organized into four business areas: Care Chemicals (BU Industrial & Consumer Specialties), Catalysis & Energy (BU Catalysts, Business Line Energy Storage), Natural Resources (BU Oil & Mining Services, BU Functional Minerals), and Plastics & Coatings (BU Additives, BU Masterbatches, BU Pigments).
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