2023-08-25 07:35:51
Investors David Winter and David Millstone have acquired a 3.05% stake in Clariant, Swiss stock exchange SIX learned on Friday, buying the Swiss specialty chemicals group after selling their stake to SABIC in 2018 .
Winter, of New York, and Millstone, of Aspen, Colorado, purchased 6.3 million registered shares of Clariant representing approximately 1.8979% of the voting rights and obtained additional voting rights by entering into equity swaps through their Standard Latitude Master Fund, SIX filings showed.
Winter and Millstone became active in Clariant when they built a 25% stake in the chemicals group with activist investor Keith Meister’s Corvex hedge fund in a successful effort to stop Clariant’s $20 billion merger with Huntersman in 2017.
The trio then sold their shares in Clariant to Saudi Basic Industries Corp (SABIC) in 2018.
The sale earned them more than 30 Swiss francs ($33.89) per share, according to a person familiar with the matter. Clariant shares traded at 13.71 francs per share on Friday.
“We have great respect and admiration for SABIC and Clariant. We invest in various chemical companies and our position in Clariant is a public markets investment that is no different from any other,” a spokesperson for Millstone and Winter’s Standard Investments.
($1 = 0.8851 Swiss francs)
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