Huntsman-Clariant merger on track

Huntsman and Clariant say they are on track to complete their merger by January of 2018. The companies expect cost savings in excess of $400 million after the combination is complete, due in part to complementary product offerings in performance products, personal care chemicals, and chemicals used in oil and gas production. In addition, the firms say they don’t expect any regulatory holdups. But activist investors at Corvex Management, a hedge fund, and 40 North, an investment firm, say the merger undervalues Clariant and reverses its strategy to focus on specialty chemical businesses. Separately, Huntsman raised $454 million in last week’s initial public offering of stock for Venator, its titanium dioxide pigments and additives spin-off.