Merger Favors Huntsman Shareholders Over Clariant's; FVE Increases Accordingly
On May 22, Clariant and Huntsman announced that the companies would combine as a merger of equals. Given limited overlap between the companies, we see minimal anti-trust risk. Financial benefits are attractive, but we think the majority of value is accruing to Huntsman shareholders because the company is currently significantly overvalued, while Clariant is only moderately overvalued. Before the deal announcement, Huntsman traded at 1.9 times its fair value estimate while Clariant traded at 1.2 ...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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