Pigment maker Venator gets challenge from investor

One of the largest shareholders in Venator Materials, the Czech investment fund J&T, is demanding two seats on the board of the former Huntsman pigment business, which it sees as underperforming. J&T owns a 14.3% stake in Venator, making it the second-largest shareholder, behind the private equity firm SK Capital, which owns about 40%. In a letter to Venator’s current board, Martin Seyček, a director of J&T, points out that Venator’s stock has declined 96% since its initial public offering in 2017. It now trades at less than $1 per share and faces potential delisting from the New York Stock Exchange. J&T also says Venator’s current board is stacked with executives with links to SK and Huntsman. In response, Venator says in a statement that it has been reducing costs and is divesting its iron oxide business to Cathay Industries for $140 million. “Beyond its demand for board seats, J&T has yet to offer any concrete thesis or recommendation,” it says.