Swiss specialty chemical maker Clariant and the US-based Huntsman have agreed to terminate their proposed merger due to uncertainty in getting shareholders' nod from the former company.
Clariant's Indian subsidiary communicated this in a regulatory filing today.
"Clariant and Huntsman Corporation have jointly decided to abandon the planned merger due to increased uncertainty of securing two-thirds majority of Clariant shareholders," Clariant Chemicals (India) Ltd said in a BSE filing.
In May 2017, the company had announced merger of the global holding company Clariant and Huntsman Corporation.
Clariant deals in care chemicals, catalysis, natural resources, plastics and coatings.
Its Indian arm, headquartered in Mumbai, focuses on pigments, masterbatches and additives, which deliver solutions for the emerging industry sectors in India.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)