Huntsman, Clariant call off $20B merger

Chemical manufacturers Huntsman Corp. and Clariant terminated a planned $20 billion merger following activist investor opposition.

“Given the continued accumulation of shares by activist investor White Tale Holdings and their opposition to the transaction, now supported by some other shareholders, we believe that there is simply too much uncertainty as to whether Clariant will be able to secure the two-thirds shareholder approval that is required to approve the transaction under Swiss law,” Huntsman CEO Peter Huntsman said in a news release.

Neither company will be required to pay a breakup fee, according to The New York Times.

Read more from The New York Times.