GENEVA (AP) — Swiss specialty chemicals maker Clariant and The Woodlands, Texas-based Huntsman Corp. say they are merging to create a company worth some $20 billion.
The companies said Monday that they plan to combine in "a merger of equals" through an all-stock transaction. The resulting company is to be named HuntsmanClariant, with stock exchange listings in both Zurich and New York.
They say the deal will leave Clariant shareholders with 52 percent of the merged company and Huntsman shareholders with 48 percent.
The new firm will have global headquarters in Pratteln, Switzerland and operational headquarters in The Woodlands, Texas. Clariant CEO Hariolf Kottmann is to become HuntsmanClariant's board chairman while Huntsman president and CEO Peter Huntsman will be its chief executive.
The companies aim to complete the deal by the year's end.