Swiss specialty chemicals company Clariant AG (CLZNY) announced that it had hired Goldman Sachs Group (GS) to help it fend off an activist group that opposes its proposed merger with U.S. rival Huntsman Corp. (HUN) .
"We can confirm that we have retained Goldman Sachs as an additional adviser in relation to the investment, the positions taken and demands made by White Tale," a Clariant spokesperson said Monday, according to Reuters.
White Tale is an activist investment group with a more than 10% stake in Clariant.
Huntsman and Clariant shares remained unchanged in premarket trading Monday.
Earlier this month Keith Meister, through his hedge fund Corvex Management LP and 40 North Latitude Master Fund Ltd., the investment firm run by David Winter and David Millstone said they had a 7.2% stake in Clariant, through a holding company called White Tale Holdings LP. White Tale is now Clariant's largest shareholder. Several days later they said their stake had grown above 10%.
The merger, is, "well on track," according to Clariant CEO Hariolf Kottmann, speaking last week to analysts after the company's earnings report.
"We started already very closely after the announcement and when we came back from the first two weeks roadshow. We have now 35 to 40 teams with more than 100 people from each company working on different kinds of work streams, cost synergies, or the operating model or other issues before. It's a different process and in this process, we are well on track," he added.