NEWS
Clariant defends planned merger with Huntsman
Clariant has defended its planned merger with Huntsman after confirming the receipt of an open letter from White Tale Holdings, a Cayman Island-based vehicle created by hedge funds Corvex and 40 North. White Tale now holds a more than 15% stake in Clariant and strongly opposes the merger. In a statement, Clariant
said that it disagreed with statements made by White Tale, including the proposal to sell its Plastics & Coatings
business area as soon as possible. Clariant said that, although this business has been potentially for sale since 2015, selling it now “would be value-destructive in view of its significant cash contribution and cost coverage”.
Clariant also argued that
the merger is a continuation of its strategy of becoming a world leader in speciality chemicals, that the terms do not undervalue its shares, and that the merger “offers substantial value creation to
both sets of shareholders”. Moreover, the company said, no other viable alternative offers as much value creation and it already has a strong record in cost management. The Clariant board concluded it “remains deeply convinced that this combination in the form agreed in May 2017 is a perfect transaction at the right time to create substan- tial immediate and long- term shareholder value”. �
www.clariant.com
Plastika Kritis CEO liberated
Plastika Kritis CEO Michail Lebedakis was freed from kidnappers by police on the Greek island of Crete on 2 October, bringing to an end a more than six-month hostage ordeal that started on 30 March this year. According to reports in local media, Lebedakis was freed in a raid near the Cretan city of Rethymno. He is in good health. No ransom was paid. �
www.plastikakritis.com
Bio-On building €15m bioplastics facility
Italy’s Bio-On has begun construction of a new €15m plant that will pro- duce 100% natural and biodegrad- able polyhydroxyalkanoate (PHA) biopolymers. The site at Castel San Pietro Terme, near Bologna, will cover 30,000m2 3,700m2
, of which is covered. When the
facility becomes operational in 1H 2018, it will have a production capacity of 1,000 tonnes/year, although the company said this could be doubled rapidly if required. The plant will produce bioplastics
from agricultural waste, including molasses, sugar cane and sugar beet
syrups. A key target for the new materials is to replace conventional plastics in cosmetic microbeads. According to Bio-on, its new bioplastics have the same thermal and mechanical performance as conven- tional products. �
www.bio-on.it
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