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05-22-2017

Clariant and Huntsman to Merge

Clariant International Ltd., Muttenz, Switzerland, and Huntsman Corporation, The Woodlands, TX/USA, today announced that their Boards of Directors unanimously approved a definitive agreement to combine in a merger of equals through an all-stock transaction.

The merged company will be named HuntsmanClariant with Clariant shareholders owning 52% of the company, Huntsman shareholders 48%. On a pro forma 2016 basis, the combination of both companies will create a leading global specialty chemical company with sales of approximately USD 13.2 billion, an adjusted EBITDA of USD 2.3 billion and a combined enterprise value of approximately USD 20 billion at announcement. The global headquarters will be located in Pratteln, Switzerland, operational headquarters in The Woodlands, Texas.

The combined company, incorporated in Switzerland, will be governed by a Board of Directors with equal representation from Clariant and Huntsman and will follow Swiss Corporate Governance standards. Hariolf Kottmann, current Clariant CEO, shall become Chairman of the Board of HuntsmanClariant. Peter Huntsman, current Huntsman President and CEO, will become CEO of HuntsmanClariant. Jon Huntsman, founder and Chairman of Huntsman, shall become Chairman Emeritus and board member of HuntsmanClariant.

The transaction is targeted to close by year end 2017, subject to Clariant and Huntsman shareholder approvals, regulatory approvals and other customary closing conditions. The combined company expects to realize more than USD 3.5 billion of value creation from approximately USD 400 million in annual cost synergies. The full synergy run-rate will be achieved within two years of closing. These synergies will be realized by reducing operational costs and improving procurement. The targeted synergies represent roughly 3 percent of total combined 2016 revenue with one-time costs up to USD 500 million. There will also be additional cash-tax savings.

Company profile

Clariant International Ltd.

Rothausstraße 61
CH 4132 MUTTENZ 1
Tel.: +41 61 4697747
Fax: +41 61 4697587

Huntsman Corporation Corporate Office

Woodloch Forest Drive 10003
US 77380 THE WOODLANDS, TEXAS

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