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Clariant (OTC:CLZNY) Stock, Option Chain

CLARIANT AG UNSP

Clariant AG is a Switzerland-based specialty chemicals company with world-wide operations. The company reports in three business areas: care chemicals, absorbents and additives, and catalysts. Care chemicals mainly targets consumer end markets such as personal care and homecare, but it also has an industrial component. Absorbents and additives encompass Clariant's coatings and adhesives, absorbents, and plastics segments. Catalysts manufacturers process catalysts, mainly for petrochemical and syngas plants.

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Clariant AG

<p>&nbsp;</p>
<h2>Upgrades</h2>
<ul>
<li>Craig-Hallum upgraded the previous rating for <strong>Lindblad Expeditions Holdings Inc</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LIND#NASDAQ">LIND</a>) from Hold to Buy. For the first quarter, Lindblad Expeditions had an EPS of $0.66, compared to year-ago quarter EPS of $0.04. At the moment, the stock has a 52-week-high of $21.91 and a 52-week-low of $6.85. Lindblad Expeditions closed at $13.22 at the end of the last trading period.</li>
<li>For <strong>Tri Pointe Homes Inc</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPH#NYSE">TPH</a>), Zelman upgraded the previous rating of Sell to Hold. In the second quarter, Tri Pointe Homes showed an EPS of $1.00, compared to $0.51 from the year-ago quarter. The stock has a 52-week-high of $26.35 and a 52-week-low of $15.66. At the end of the last trading period, Tri Pointe Homes closed at $21.38.</li>
<li>For <strong>D.R. Horton Inc</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHI#NYSE">DHI</a>), Raymond James upgraded the previous rating of Outperform to Strong Buy. In the third quarter, D.R. Horton showed an EPS of $3.10, compared to $1.72 from the year-ago quarter. The current stock performance of D.R. Horton shows a 52-week-high of $106.89 and a 52-week-low of $62.26. Moreover, at the end of the last trading period, the closing price was at $89.64.</li>
<li>According to Stephens &amp; Co., the prior rating for <strong>Watsco Inc</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WSO#NYSE">WSO</a>) was changed from Equal-Weight to Overweight. For the second quarter, Watsco had an EPS of $3.71, compared to year-ago quarter EPS of $2.26. The stock has a 52-week-high of $307.81 and a 52-week-low of $195.97. At the end of the last trading period, Watsco closed at $287.93.</li>
<li>Stephens &amp; Co. upgraded the previous rating for <strong>The Trade Desk Inc</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTD#NASDAQ">TTD</a>) from Equal-Weight to Overweight. For the first quarter, Trade Desk had an EPS of $1.41, compared to year-ago quarter EPS of $0.50. At the moment, the stock has a 52-week-high of $972.80 and a 52-week-low of $58.51. Trade Desk closed at $74.11 at the end of the last trading period.</li>
<li>Baird upgraded the previous rating for <strong>Starbucks Corp</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>) from Neutral to Outperform. For the second quarter, Starbucks had an EPS of $0.62, compared to year-ago quarter EPS of $0.32. The stock has a 52-week-high of $122.92 and a 52-week-low of $74.56. At the end of the last trading period, Starbucks closed at $122.63.</li>
<li>According to RBC Capital, the prior rating for <strong>Veoneer Inc</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNE#NYSE">VNE</a>) was changed from Underperform to Sector Perform. Veoneer earned $0.89 in the second quarter, compared to $0.80 in the year-ago quarter. The current stock performance of Veoneer shows a 52-week-high of $30.71 and a 52-week-low of $9.56. Moreover, at the end of the last trading period, the closing price was at $19.93.</li>
<li>Raymond James upgraded the previous rating for <strong>Banc of California Inc</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BANC#NYSE">BANC</a>) from Market Perform to Outperform. Banc of California earned $0.32 in the second quarter, compared to $0.44 in the year-ago quarter. The current stock performance of Banc of California shows a 52-week-high of $21.40 and a 52-week-low of $9.00. Moreover, at the end of the last trading period, the closing price was at $16.94.</li>
<li>JP Morgan upgraded the previous rating for <strong>Cabot Corp</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CBT#NYSE">CBT</a>) from Neutral to Overweight. In the second quarter, Cabot showed an EPS of $1.38, compared to $0.77 from the year-ago quarter. At the moment, the stock has a 52-week-high of $65.25 and a 52-week-low of $34.84. Cabot closed at $51.79 at the end of the last trading period.</li>
<li>Citigroup upgraded the previous rating for <strong>Monster Beverage Corp</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNST#NASDAQ">MNST</a>) from Neutral to Buy. In the first quarter, Monster Beverage showed an EPS of $0.59, compared to $0.52 from the year-ago quarter. The current stock performance of Monster Beverage shows a 52-week-high of $99.24 and a 52-week-low of $74.59. Moreover, at the end of the last trading period, the closing price was at $93.37.</li>
</ul>
<p><em><a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">See all analyst ratings upgrades.</a></em></p>
<p>&nbsp;</p>
<h2>Downgrades</h2>
<ul>
<li>For <strong>Newmont Corp</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>), TD Securities downgraded the previous rating of Buy to Hold. In the second quarter, Newmont showed an EPS of $0.83, compared to $0.32 from the year-ago quarter. The stock has a 52-week-high of $75.31 and a 52-week-low of $54.18. At the end of the last trading period, Newmont closed at $60.21.</li>
<li>Goldman Sachs downgraded the previous rating for <strong>Open Lending Corp</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LPRO#NASDAQ">LPRO</a>) from Buy to Neutral. Open Lending earned $0.10 in the first quarter. The stock has a 52-week-high of $44.00 and a 52-week-low of $16.45. At the end of the last trading period, Open Lending closed at $39.94.</li>
<li>For <strong>Adverum Biotechnologies Inc</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADVM#NASDAQ">ADVM</a>), Cantor Fitzgerald downgraded the previous rating of Overweight to Neutral. In the first quarter, Adverum Biotechnologies showed an EPS of $0.29, compared to $0.31 from the year-ago quarter. The stock has a 52-week-high of $19.25 and a 52-week-low of $2.94. At the end of the last trading period, Adverum Biotechnologies closed at $3.06.</li>
<li>For <strong>Domino&#39;s Pizza Inc</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DPZ#NYSE">DPZ</a>), JP Morgan downgraded the previous rating of Overweight to Neutral. Domino&#39;s Pizza earned $3.12 in the second quarter, compared to $2.99 in the year-ago quarter. The current stock performance of Domino&#39;s Pizza shows a 52-week-high of $548.72 and a 52-week-low of $319.71. Moreover, at the end of the last trading period, the closing price was at $538.82.</li>
<li>Goldman Sachs downgraded the previous rating for <strong>Seres Therapeutics Inc</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCRB#NASDAQ">MCRB</a>) from Neutral to Sell. For the first quarter, Seres Therapeutics had an EPS of $0.39, compared to year-ago quarter EPS of $0.28. The stock has a 52-week-high of $38.50 and a 52-week-low of $3.67. At the end of the last trading period, Seres Therapeutics closed at $7.95.</li>
<li>According to Goldman Sachs, the prior rating for <strong>Boston Beer Co Inc</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAM#NYSE">SAM</a>) was changed from Buy to Neutral. In the second quarter, Boston Beer Co showed an EPS of $4.75, compared to $4.88 from the year-ago quarter. At the moment, the stock has a 52-week-high of $1349.98 and a 52-week-low of $652.10. Boston Beer Co closed at $947.54 at the end of the last trading period.</li>
</ul>
<p><em><a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">See all analyst ratings downgrades.</a></em></p>
<p>&nbsp;</p>
<h2>Initiations</h2>
<ul>
<li>With a Buy rating, Citigroup initiated coverage on <strong>Organon &amp; Co</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OGN#NYSE">OGN</a>). The price target seems to have been set at $35.00 for Organon. The current stock performance of Organon shows a 52-week-high of $38.24 and a 52-week-low of $27.25. Moreover, at the end of the last trading period, the closing price was at $30.92.</li>
<li>Barrington Research initiated coverage on <strong>Calix Inc</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CALX#NYSE">CALX</a>) with an Outperform rating. The price target for Calix is set to $58.00. For the first quarter, Calix had an EPS of $0.39, compared to year-ago quarter EPS of $0.04. At the moment, the stock has a 52-week-high of $49.99 and a 52-week-low of $17.07. Calix closed at $46.89 at the end of the last trading period.</li>
<li>Craig-Hallum initiated coverage on <strong>Agrify Corp</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AGFY#NASDAQ">AGFY</a>) with a Buy rating. The price target for Agrify is set to $25.00. Interestingly, in the first quarter, Agrify&#39;s EPS was $0.33. The stock has a 52-week-high of $21.43 and a 52-week-low of $6.81. At the end of the last trading period, Agrify closed at $18.31.</li>
<li>Goldman Sachs initiated coverage on <strong>Kanzhun Ltd</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BZ#NASDAQ">BZ</a>) with a Neutral rating. The price target for Kanzhun is set to $41.00. Kanzhun earned $0.10 in the second quarter, compared to $0.14 in the year-ago quarter. The current stock performance of Kanzhun shows a 52-week-high of $44.96 and a 52-week-low of $29.01. Moreover, at the end of the last trading period, the closing price was at $35.00.</li>
<li>Citigroup initiated coverage on <strong>Plug Power Inc</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLUG#NASDAQ">PLUG</a>) with a Buy rating. The price target for Plug Power is set to $35.00. In the first quarter, Plug Power showed an EPS of $0.12, compared to $0.12 from the year-ago quarter. The current stock performance of Plug Power shows a 52-week-high of $75.49 and a 52-week-low of $7.07. Moreover, at the end of the last trading period, the closing price was at $27.33.</li>
<li>Cowen &amp; Co. initiated coverage on <strong>22nd Century Group Inc</strong> (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/XXII#AMEX">XXII</a>) with an Outperform rating. The price target for 22nd Century Group is set to $5.00. For the first quarter, 22nd Century Group had an EPS of $0.03, compared to year-ago quarter EPS of $0.03. The current stock performance of 22nd Century Group shows a 52-week-high of $6.07 and a 52-week-low of $0.55. Moreover, at the end of the last trading period, the closing price was at $3.18.</li>
<li>Cowen &amp; Co. initiated coverage on <strong>Clever Leaves Holdings Inc</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLVR#NASDAQ">CLVR</a>) with a Market Perform rating. In the first quarter, Clever Leaves Holdings showed an EPS of $0.55, compared to $1.23 from the year-ago quarter. The current stock performance of Clever Leaves Holdings shows a 52-week-high of $19.46 and a 52-week-low of $7.95. Moreover, at the end of the last trading period, the closing price was at $9.07.</li>
<li>Truist Securities initiated coverage on <strong>Inspired Entertainment Inc</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INSE#NASDAQ">INSE</a>) with a Buy rating. The price target for Inspired Entertainment is set to $18.00. For the first quarter, Inspired Entertainment had an EPS of $0.74, compared to year-ago quarter EPS of $0.78. The current stock performance of Inspired Entertainment shows a 52-week-high of $13.12 and a 52-week-low of $2.78. Moreover, at the end of the last trading period, the closing price was at $10.97.</li>
<li>For <strong>Assurant Inc</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIZ#NYSE">AIZ</a>), William Blair initiated coverage, by setting the current rating at Outperform. Assurant earned $2.47 in the first quarter, compared to $2.64 in the year-ago quarter. The current stock performance of Assurant shows a 52-week-high of $163.84 and a 52-week-low of $104.20. Moreover, at the end of the last trading period, the closing price was at $152.41.</li>
<li>With an Outperform rating, Baird initiated coverage on <strong>Thryv Holdings Inc</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/THRY#NASDAQ">THRY</a>). The price target seems to have been set at $43.00 for Thryv Holdings. In the first quarter, Thryv Holdings earned $1.07. At the moment, the stock has a 52-week-high of $37.26 and a 52-week-low of $8.10. Thryv Holdings closed at $32.10 at the end of the last trading period.</li>
<li>Deutsche Bank initiated coverage on <strong>argenx SE</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARGX#NASDAQ">ARGX</a>) with a Hold rating. In the first quarter, argenx showed an EPS of $0.81, compared to $2.06 from the year-ago quarter. The stock has a 52-week-high of $382.15 and a 52-week-low of $212.66. At the end of the last trading period, argenx closed at $316.58.</li>
<li>Baird initiated coverage on <strong>Certara Inc</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CERT#NASDAQ">CERT</a>) with an Outperform rating. The price target for Certara is set to $30.00. Certara earned $0.06 in the first quarter, compared to $0.02 in the year-ago quarter. The current stock performance of Certara shows a 52-week-high of $41.79 and a 52-week-low of $23.75. Moreover, at the end of the last trading period, the closing price was at $25.71.</li>
<li>With a Buy rating, Jefferies initiated coverage on <strong>Armada Hoffler Properties Inc</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AHH#NYSE">AHH</a>). The price target seems to have been set at $15.00 for Armada Hoffler Properties. In the first quarter, Armada Hoffler Properties showed an EPS of $0.26, compared to $0.32 from the year-ago quarter. At the moment, the stock has a 52-week-high of $14.38 and a 52-week-low of $8.20. Armada Hoffler Properties closed at $12.93 at the end of the last trading period.</li>
<li>DA Davidson initiated coverage on <strong>Piedmont Lithium Inc</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLL#NASDAQ">PLL</a>) with a Buy rating. The price target for Piedmont Lithium is set to $85.00. Interestingly, in the third quarter, Piedmont Lithium&#39;s EPS was $0.92. The current stock performance of Piedmont Lithium shows a 52-week-high of $88.97 and a 52-week-low of $5.80. Moreover, at the end of the last trading period, the closing price was at $55.69.</li>
<li>With a Buy rating, DA Davidson initiated coverage on <strong>MP Materials Corp</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MP#NYSE">MP</a>). The price target seems to have been set at $45.00 for MP Materials. Interestingly, in the first quarter, MP Materials&#39;s EPS was $0.13. At the moment, the stock has a 52-week-high of $51.77 and a 52-week-low of $15.45. MP Materials closed at $34.31 at the end of the last trading period.</li>
<li>For <strong>UCB SA</strong> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/UCBJY#OTC">UCBJY</a>), Deutsche Bank initiated coverage, by setting the current rating at Buy. The stock has a 52-week-high of $68.00 and a 52-week-low of $44.41. At the end of the last trading period, UCB closed at $52.84.</li>
<li>Loop Capital initiated coverage on <strong>SiteOne Landscape Supply Inc</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SITE#NYSE">SITE</a>) with a Hold rating. The price target for SiteOne Landscape Supply is set to $185.00. In the first quarter, SiteOne Landscape Supply showed an EPS of $0.19, compared to $0.42 from the year-ago quarter. The current stock performance of SiteOne Landscape Supply shows a 52-week-high of $206.26 and a 52-week-low of $110.41. Moreover, at the end of the last trading period, the closing price was at $174.45.</li>
<li>With a Buy rating, Goldman Sachs initiated coverage on <strong>ironSource Ltd</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IS#NYSE">IS</a>). The price target seems to have been set at $11.00 for ironSource. The stock has a 52-week-high of $11.25 and a 52-week-low of $7.80. At the end of the last trading period, ironSource closed at $9.05.</li>
<li>With a Hold rating, Loop Capital initiated coverage on <strong>BlueLinx Holdings Inc</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BXC#NYSE">BXC</a>). The price target seems to have been set at $45.00 for BlueLinx Hldgs. BlueLinx Hldgs earned $6.44 in the first quarter, compared to $0.14 in the year-ago quarter. The stock has a 52-week-high of $70.38 and a 52-week-low of $10.73. At the end of the last trading period, BlueLinx Hldgs closed at $40.76.</li>
<li>With a Buy rating, Deutsche Bank initiated coverage on <strong>Indie Semiconductor Inc</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INDI#NASDAQ">INDI</a>). The price target seems to have been set at $14.00 for Indie Semiconductor. At the moment, the stock has a 52-week-high of $11.90 and a 52-week-low of $8.00. Indie Semiconductor closed at $8.26 at the end of the last trading period.</li>
</ul>
<p><em><a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">See all analyst ratings initiations.</a></em></p>


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XXII

Benzinga's Top Ratings Upgrades, Downgrades For July 23, 2021

<p>Morgan Stanley   initiates coverage on Clariant (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CLZNY#OTC">CLZNY</a>) with a Equal-Weight rating.</p>


Morgan Stanley Initiates Coverage On Clariant with Equal-Weight Rating

<p>ExxonMobil (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xom#NYSE">XOM</a>) and Renewable Energy Group (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/regi#NYSE">REGI</a>) said today that they have signed a joint research agreement with Clariant (OTC: <a class="ticker" href="https://www.benzinga.com/stock/clzny#OTC">CLZNY</a>) to evaluate the potential use of cellulosic sugars from sources such as agricultural waste and residues to produce biofuel, which has the potential to play a role in reducing greenhouse gas emissions.</p>
<p>The new partnership expands a previously announced agreement for joint research between ExxonMobil and REG, in which the companies successfully validated the ability of REG Life Sciences bio-conversion technology to convert sugars from cellulosic biomass into biodiesel through a single-step process.</p>
<p>The new agreement with Clariant allows ExxonMobil and REG to further optimize REG's bio-conversion process using previously tested and benchmarked cellulosic sugars created through Clariant's sunliquid® process. The companies' ultimate objective is to combine Clariant's and REG's processes into a seamless cellulosic biomass-to-biodiesel technology.</p>
<p>"Over the past three years, our work with REG has led to important advances in genetically improving REG's proprietary microbes for a beneficial use in facilitating the conversion of cellulosic sugars into biodiesel," said Vijay Swarup, vice president of research and development at ExxonMobil Research and Engineering Company. "Applying Clariant's expertise and knowledge will help us better understand and advance a key stage in the overall cellulosic conversion process, and hopefully lead to the development of scalable biodiesel technology."</p>
<p>Clariant is a leading company offering integrated technologies and solutions for converting agricultural residues such as wheat straw, rice straw, corn stover and sugar cane bagasse. Clariant‘s sunliquid® process features chemical-free pretreatment, the integrated production of feedstock and process-specific enzymes and thus high yields of fermentable C5 and C6 sugars. Clariant will conduct trials at its pre-commercial plant in Straubing, Germany using different types of cellulosic feedstock that will be converted into sugars for conversion by REG and ExxonMobil into high-quality, low-carbon biodiesel.</p>
<p>"We are committed to innovation and R&amp;D, together with a focus on sustainability, as key pillars of Clariant's strategy," said Christian Kohlpaintner, member of Clariant's executive committee. "Our sunliquid® technology platform is a key outcome of this commitment. We are proud that two leading names in the biofuels industry have selected Clariant as their partner and are excited to work with them on further leveraging this unique technology for converting cellulosic biomass to fuels and chemicals, including biodiesel."</p>
<p>REG Life Sciences technology has proven its broad applicability to industries as diverse as flavor and fragrance, specialty chemicals and transportation fuels. Through its partnership with ExxonMobil, REG has developed proprietary technology that utilizes industrial microbes to convert complex cellulosic sugars into low-carbon biodiesel in a one-step fermentation process.</p>
<p>"ExxonMobil has been an exceptional partner in developing this promising technology," said Eric Bowen, vice president of REG Life Sciences. "We are delighted to be able to add Clariant to the team with its market leading sunliquid® technology. We believe we have assembled a dream team for conversion of cellulosic biomass to low carbon biofuels and are excited about the promise of this collaboration."</p>
<p>The partners will also work on a conceptual engineering study to validate the feasibility of the integrated process comprising the technologies of all parties. </p>


REGI

ExxonMobil, Renewable Energy Group Partner with Clariant to Advance Cellulosic Biofuel Research

<div>
	Clariant (OTC: <a class="ticker" href="/stock/clzny#OTC">CLZNY</a>) and Huntsman Corporation (NYSE: <a class="ticker" href="/stock/hun#NYSE">HUN</a>) today jointly announced that they have mutually terminated their proposed merger of equals. The decision was unanimously approved by the Boards of Directors of Clariant and Huntsman.</div>
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	In a joint statement, Peter R. Huntsman, President and CEO of Huntsman, and Hariolf Kottmann, CEO of Clariant, stated: &quot;We remain convinced that the proposed merger of equals as agreed to on May 21, 2017, would have been in the long-term best interests of all of our shareholders. However, given the continued accumulation of Clariant shares by activist investor White Tale Holdings and its opposition to the transaction, which is now supported by some other shareholders, we believe that there is simply too much uncertainty as to whether Clariant will be able to secure the two-thirds shareholder approval that is required to approve the transaction under Swiss law. Under these circumstances and in light of the high level of disruption and uncertainty that has been created for both companies, we have jointly decided to terminate the merger agreement. This will allow both companies to focus again fully on their respective stand-alone strategies in the best interests of the companies and their shareholders, associates, and other stakeholders. We maintain a great respect for one another, and we want to recognize and express our mutual and deep appreciation for the efforts and incredible commitment demonstrated by the associates of each company over the past several months.&quot;</div>
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	The Termination Agreement foresees no payment of a break fee on either side. Clariant, therefore, avoids paying both the USD 210m deal breakage fee and the USD 60m EGM non-approval fee as foreseen in the Merger Agreement.</div>
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	&nbsp;</div>
<div>
	Following a thorough analysis of all strategic alternatives, Clariant&#39;s Board of Directors and Executive Committee unanimously considered the merger with Huntsman to be the best available option to further develop the company and increase the long-term value for all stakeholders. This view has been and is shared by the vast majority of our shareholders. Rudolf Wehrli, Chairman of the Board of Directors: &quot;We regret the missed opportunity for value creation and thank our shareholders for their support. The Board of Directors, our Chief Executive Officer and our Executive Committee will now focus on our proven strategy to further strengthen the company&#39;s market position as a globally leading specialty chemicals company.&quot;</div>
<div>
	&nbsp;</div>
<div>
	Clariant&#39;s CEO Hariolf Kottmann: &quot;While White Tale&#39;s position on the merger has been different from ours, we share a common interest in increasing Clariant&#39;s value. We are committed to achieving this through a continuation of our existing and successful long-term growth strategy. That said, we will continue our dialogue with all our stakeholders.&quot;</div>
<div>
	&nbsp;</div>
<div>
	While the merger would have enabled Clariant to speed up its strategy, the company has the utmost confidence in continuing its own path towards the goal of reaching a position in the top tier of the specialty chemicals industry. The success of its strategy is evidenced by a positive track record of increased profitability and enterprise value, a stronger portfolio which continues to grow, and leadership positions in innovation and sustainability. These elements will continue to be the foundation of Clariant&#39;s profitable growth, cash flow generation and value creation.</div>


Clariant and Huntsman Terminate Proposed Merger;  No Termination Fee Due

<p><a href="http://www.reuters.com/article/us-clariant-huntsman-m-a/activists-opposed-to-huntsman-merger-raise-clariant-stake-idUSKCN1C30QN" title="http://www.reuters.com/article/us-clariant-huntsman-m-a/activists-opposed-to-huntsman-merger-raise-clariant-stake-idUSKCN1C30QN">http://www.reuters.com/article/us-clariant-huntsman-m-a/activists-opposed-to-huntsman-merger-raise-clariant-stake-idUSKCN1C30QN</a></p>


Eurozone

Insider Trades

White Tale Holdings Boosts Stake in Clariant in Attempt to Block Merger With Huntsman -Reuters

<div>
	&nbsp;Clariant (OTC: <a class="ticker" href="/stock/clzny#OTC">CLZNY</a>) and Huntsman Corporation (NYSE: <a class="ticker" href="/stock/hun#NYSE">HUN</a>) today presented a first update on the planned merger of equals to keep their shareholders informed. The preparations to create HuntsmanClariant, a leading global specialty chemicals company, are showing continued strong progress and are proceeding as planned with an unchanged closing targeted for December 2017 / January 2018.</div>
<div>
	&nbsp;</div>
<div>
	Clariant and Huntsman have agreed on a joint strategic direction for near- and long-term value creation based on continued focus on higher growth and higher margin businesses, expansion of existing strong downstream presence, reaping benefits of complementary product portfolios and breadth of reach to deliver an additional organic sales revenue growth of around 2% p.a. at approx. 20% EBITDA margin and delivering synergies in excess of $400m as well as the $25m tax savings.</div>
<div>
	&nbsp;</div>
<div>
	The merger brings together two strong specialty chemicals businesses with similar EBITDA margins at 17.2% (including synergies). It will reap complementarity benefits between Performance Products, Care Chemicals and Natural Resources, which represent approx. 35% of HuntsmanClariant combined sales and hold a comprehensive surfactants portfolio in high-end niche markets globally. It will have meaningful opportunities for growth including cross-selling potential and new product applications. The complementary assets and geographic fit provide significant commercial opportunities and more global reach within established routes to market. Furthermore, HuntsmanClariant will take advantage of its broad asset base while continuing to move downstream into specialties and more differentiated applications. As a result of these complementary product portfolios and structures, additional organic sales revenues of around 2% p.a. at approx. 20% EBITDA margin have been identified.</div>
<div>
	&nbsp;</div>
<div>
	HuntsmanClariant&#39;s position as a leading global specialty chemicals company will further benefit from complementary R&amp;D and technological expertise as well as shared knowledge in sustainability and cross-fertilization in innovation and technology capabilities.</div>
<div>
	&nbsp;</div>
<div>
	The portfolio management principles and capital allocation plans of the new company are fully aligned. There is a clear joint understanding of the combined company&#39;s future core segments and the direct majority of investments will be directed to growth areas and growth regions. The current downstream presence will be expanded by targeting formulation- and application-based segment niches as well as high-end composites, bespoke polyurethane (PU) systems, and costumer oriented and co-developed products. The existing presence in the adaptive chemical methylene diphenyl diisocyanate (MDI) and in chemical building blocks such as ethylene oxide (EO) and propylene oxide (PO) is to be further advanced in downstream urethane systems as well as downstream applications such as surfactants. The portfolio will be simplified. Complexity will be reduced while utilizing significant strategic flexibility to consider value creating add-on acquisitions and divestments. Plastics &amp; Coatings and Textile Effects will be managed for cash and turnaround while all other businesses will be managed for growth and margins.</div>
<div>
	&nbsp;</div>
<div>
	The project team is progressing very well in terms of joint synergy implementation and has high confidence in meeting the synergy target in excess of $400m as well as the $25m tax saving target. Key regulatory filings are submitted, including in the US, EU and China. No regulatory roadblocks are expected to closing the deal. A preliminary CFIUS filing has also been submitted.</div>
<div>
	&nbsp;</div>
<div>
	The joint senior management team is committed to making HuntsmanClariant a success from day 1. It is a unique opportunity to combine the best of two cultures - Huntsman&#39;s entrepreneurship and efficiency and Clariant&#39;s innovation and business excellence. Both CEOs and executive teams are fully involved in post-merger integration planning and the great working spirit confirms the cultural fit between both organizations.</div>
<div>
	&nbsp;</div>
<div>
	All in all, the merger will create value for all stakeholders via a stronger balance sheet, higher cash flow, increased stakeholder returns and lower financing costs and will allocate capital for organic growth and value creating portfolio management.</div>
<div>
	&nbsp;</div>
<div>
	Update on Venator IPO</div>
<div>
	&nbsp;</div>
<div>
	The Venator standalone debt financing of $750 million is secured. The IPO roadshow is now underway. It will provide significant de-leveraging of HuntsmanClariant balance sheet.</div>
<div>
	&nbsp;</div>
<div>
	Clariant and Huntsman will communicate regular updates on the merger preparation until closing.</div>


IPOs

Huntsman, Clariant Announce Merger Closing Still Projected for December 2017 / January 2018

<p>Updating the M&amp;A scenario in the chemicals space, Bernstein said in a note on Monday that there are currently six M&amp;A live deals in its covered chemicals space, now that the <strong> PPG Industries, Inc </strong> (NYSE: <a class="ticker" href="/stock/ppg#NYSE">PPG</a>)&ndash;<strong>Akzo Nobel N.V. (ADR)</strong> (OTC: <a class="ticker" href="/stock/akzoy#OTC">AKZOY</a>) deal has been called off.</p>
<p>Analysts Jeremy Redenius, Jonas Oxgaard, Aaron Gal and Gunther Zechmann gave details on where each of the deal stands now.</p>
<h3><strong>Markets Fully Expect The Dow/DuPont Deal To Close</strong></h3>
<p>The analysts expect the <strong> E I Du Pont De Nemours And Co </strong> (NYSE: <a class="ticker" href="/stock/dd#NYSE">DD</a>)&ndash;<strong>Dow Chemical Co </strong> (NYSE: <a class="ticker" href="/stock/dow#NYSE">DOW</a>) <a href="https://www.benzinga.com/news/17/04/9247246/wall-streets-m-a-chatter-from-march-31-april-2-syneron-jaguar-animal-fmc-dupont-w"> deal </a> to close, with the probability of closing at 95 percent and the likely timeframe by August.</p>
<p>The analysts do not think the <strong> FMC Corp </strong> (NYSE: <a class="ticker" href="/stock/fmc#NYSE">FMC</a>)&ndash;Dupont deal, pending before the European Union, to impede the Dow/DuPont deal. The analysts believe that the market has fully digested a deal closure and was currently focusing on synergies of the deal. </p>
<h3><strong>ChemChina/Syngenta Deal In Very Final Stage</strong></h3>
<p>Bernstein said the <a href="https://www.benzinga.com/news/16/01/6147308/bloomberg-reports-syngenta-chemchina-closer-to-reality-furthering-original-benzin"> ChemChina </a> is now at the very final stage of its acquisition of <strong> Syngenta AG (ADR) </strong>  (NYSE: <a class="ticker" href="/stock/syt#NYSE">SYT</a>), having completed the second settlement of the tender offers on June 7 and acquired 94.7 percent of Syngenta shares in aggregate. The firm noted that ChemChina intends to de-list the shares of Syngenta, subject to applicable regulation.</p>
<h3><strong>Bayer/Monsanto Deal Closing Probability At 75%</strong></h3>
<p>The firm maintains its probability estimate for the closure of the <strong> Bayer AG (ADR) </strong> (OTC: <a class="ticker" href="/stock/bayry#OTC">BAYRY</a>)&ndash;<strong>Monsanto Company </strong> (NYSE: <a class="ticker" href="/stock/mon#NYSE">MON</a>) deal at 75 percent. The firm noted that the companies were in Phase 2 in the U.S. and are looking to do the required divestitures, while a European filing is expected in the second quarter.</p>
<p>While the companies expect the deal to close in late 2017, the firm thinks the deal could slip into 2018.</p>
<h3><strong>Potash Corp&ndash;Agrium Deal To Close Without Major Hurdles</strong></h3>
<p>Bernstein puts the probability number for the <strong> Potash Corporation of Saskatchewan (USA) </strong> (NYSE: <a class="ticker" href="/stock/pot#NYSE">POT</a>)&ndash;<strong>Agrium Inc. (USA) </strong> (NYSE: <a class="ticker" href="/stock/agu#NYSE">AGU</a>) deal closure at 90 percent. The firm expects the deal to result in a high market share concentration in North American nitrogen and potash.</p>
<p>However, the firm thinks the FTC will deem nitrogen and potash as global commodities as it did with phosphate in <strong> Mosaic Co </strong> (NYSE: <a class="ticker" href="/stock/mos#NYSE">MOS</a>)'s purchase of <strong> CF Industries Holdings, Inc. </strong> (NYSE: <a class="ticker" href="/stock/cf#NYSE">CF</a>)'s phosphate assets. Meanwhile, the firm expects the deal closure to slip beyond the company's target of a third-quarter close.</p>
<h3><strong>Anti-Trust And Integration Challenges For Praxair-Linde Deal</strong></h3>
<p>Bernstein expressed worries about anti-trust and integration challenges over the <strong> LINDE AG SPON ADR EA REPR 0.10 ORD </strong> (OTC: <a class="ticker" href="/stock/lnegy#OTC">LNEGY</a>)&ndash;<strong>Praxair, Inc. </strong> (NYSE: <a class="ticker" href="/stock/px#NYSE">PX</a>) deal, with the probability of closure at 75 percent.</p>
<p>That said, the firm has now become more positive about Praxair management's ability to improve the operating performance of both companies.</p>
<h3><strong>Akzo Management Under Great Pressure</strong></h3>
<p>Bernstein thinks Akzo management is now under pressure to reconcile with frustrated shareholders, as <a href="http://in.reuters.com/article/us-akzo-m-a-ppg-inds-bid-idINKBN18S4I2"> PPG </a> walks away from the deal. The firm is of the view that Akzo has to work harder now to deliver its 2020 targets and separate SC in the next 12 months, with the risk of selling it at a distressed price.</p>
<h3><strong>Limited Strategic Rationale In Clariant-Huntsman Deal</strong></h3>
<p>Bernstein sees limited strategic rationale in the <strong> Huntsman Corporation </strong> (NYSE: <a class="ticker" href="/stock/hun#NYSE">HUN</a>)&ndash;<strong>CLARIANT AG ADR EACH REPR 1 COM </strong> (OTC: <a class="ticker" href="/stock/clzny#OTC">CLZNY</a>) deal, which has limited stock performances of both companies. However, the firm thinks the deal is likely to be approved by anti-trust authorities and shareholders before the year-end, with the probability of approval at 80 percent.</p>
<p>"The deal makes financial sense but investors need to be willing to discount 2019+ earnings, a timeframe which we think markets are unlikely to discount at this stage," the firm added.</p>
<p><em> Related Links: 
<p><em><a href="https://www.benzinga.com/media/cnbc/17/01/8913645/dow-chemical-ceo-talks-4-gdp-growth-under-trumps-presidency"> Dow Chemical CEO Talks 4% GDP Growth Under Trump's Presidency </a><br />
<em><a href="https://www.benzinga.com/analyst-ratings/analyst-color/16/09/8458394/goldman-reviews-bayer-monsanto-deal"> Goldman Reviews Bayer-Monsanto Deal </a>   </em></em></p>
</em></p>

<p>The following are the M&amp;A deals, rumors and chatter circulating on Wall Street for Monday, May 22, 2017.</p>
<p><b>Nutraceutical to be Acquired by HGGC for $41.80/Share in Cash</b></p>
<p><i>The Deal</i>:</p>
<p><strong>Nutraceutical Int&#39;l Corp.</strong> (NASDAQ: <a class="ticker" href="/stock/nutr#NASDAQ">NUTR</a>) and HGGC announced Monday that they have entered into a definitive agreement under which Nutraceutical will be acquired by an affiliate of HGGC for $41.80 per share in cash, or approximately $446 million, including debt to be refinanced. The transaction is expected to close in H2 of 2017 and is subject to stockholder approval.</p>
<p>Nutraceutical closed at $42.15, up $14.156 or more than 50 percent.</p>
<p><b>Changyou Reports Receipt of Preliminary Non-Binding Bid of $41.20/ADS</b></p>
<p><i>The Offer</i>:</p>
<p><strong>Changyou.com Ltd (ADR) </strong>(NASDAQ: <a class="ticker" href="/stock/cyou#NASDAQ">CYOU</a>) announced its board of directors received a preliminary nonbinding proposal letter, dated May 22, 2017, from Chairman Charles Zhang, to acquire all of the outstanding Class A and Class B ordinary shares of the Company, for $21.05 in cash per Class A or Class B ordinary share, or $42.10 in cash per ADS. The Board intends to form a special committee consisting of independent directors to consider the proposal.</p>
<p>Changyou closed at $40.18, up $1.54.</p>
<p><b>Clariant and Huntsman to Combine in All-Stock Deal</b></p>
<p><i>The Deal</i>:</p>
<p><strong>Huntsman Corporation</strong> (NYSE: <a class="ticker" href="/stock/hun#NYSE">HUN</a>) and <strong>Clariant </strong>(OTC: <a class="ticker" href="/stock/clzny#OTC">CLZNY</a>) announced that their Boards unanimously approved a definitive agreement to merger their companies via an all-stock transaction. Huntsman-Clariant will have a combined enterprise value of approximately $20 billion. Clariant shareholders will own 52 percent of the merged company, with Huntsman shareholders owning 48 percent.</p>
<p>The transaction is targeted to close by year end 2017, subject to Clariant and Huntsman shareholder approvals, regulatory approvals</p>
<p>Huntsman closed at $26.15, down $0.56.</p>


Changyou Limited American Depositary Share

CYOU

NUTR

Wall Street's M&A Chatter From May 22: Changyou.com, Nutraceutical-HGGC, Huntsman-Clariant

<h3>
	<b>Gainers</b></h3>
<ul>
<li>
		<b>Nutraceutical Int&#39;l Corp.</b> (NASDAQ: <a class="ticker" href="/stock/nutr#NASDAQ">NUTR</a>) rose 46.8 percent to $41.10 in pre-market trading after the company agreed to be acquired by HGGC for $41.80 per share in cash.</li>
<li>
		<b>Cheetah Mobile Inc (ADR)</b> (NYSE: <a class="ticker" href="/stock/cmcm#NYSE">CMCM</a>) shares rose 12.6 percent to $11.88 in pre-market trading following strong earnings report.</li>
<li>
		<b>Radius Health Inc</b> (NASDAQ: <a class="ticker" href="/stock/rdus#NASDAQ">RDUS</a>) shares rose 12.2 percent to $39.20 in pre-market trading after declining 0.20 percent on Friday.</li>
<li>
		<b>Huntsman Corporation</b> (NYSE: <a class="ticker" href="/stock/hun#NYSE">HUN</a>) gained 8.5 percent to $28.99. Huntsman and Switzerland&rsquo;s <b>Clariant AG</b> (OTC: <a class="ticker" href="/stock/clzny#OTC">CLZNY</a>) are near reaching a deal to merge in an all-stock transaction, according to a report from the Wall Street Journal on Sunday. The deal could be announced on Monday, sources said.</li>
<li>
		<b>Amicus Therapeutics, Inc.</b> (NASDAQ: <a class="ticker" href="/stock/fold#NASDAQ">FOLD</a>) shares rose 8.5 percent to $8.40 in pre-market trading after the company issued planned analysis of primary endpoints in Phase 3 epidermolysis bullosa study. The company disclosed that top-line data for SD-101 for epidermolysis bullosa is on track for the third quarter of 2017.</li>
<li>
		<b>FBR &amp; Co</b> (NASDAQ: <a class="ticker" href="/stock/fbrc#NASDAQ">FBRC</a>) shares rose 8.4 percent to $18.05 in pre-market trading. FBR reported a special dividend of $7.61 per share.</li>
<li>
		<b>Nutanix Inc</b> (NASDAQ: <a class="ticker" href="/stock/ntnx#NASDAQ">NTNX</a>) rose 7.8 percent to $17.25 in pre-market trading. Nutanix disclosed the private cloud deployment of SAIC Volkswagen. Goldman Sachs upgraded Nutanix from Neutral to Buy.</li>
<li>
		<b>GNC Holdings Inc</b> (NYSE: <a class="ticker" href="/stock/gnc#NYSE">GNC</a>) shares rose 6.8 percent to $7.77 in the pre-market trading session following announcement of Nutraceutical acquisition.</li>
<li>
		<b>Yirendai Ltd - ADR</b> (NYSE: <a class="ticker" href="/stock/yrd#NYSE">YRD</a>) shares rose 6.6 percent to $25.60 in pre-market trading following Q1 earnings report.</li>
<li>
		<b>Bright Scholar Education Holdngs Ltd-ADR</b> (NYSE: <a class="ticker" href="/stock/bedu#NYSE">BEDU</a>) rose 5.6 percent to $13.43 in pre-market trading after falling 5.07 percent on Friday.</li>
<li>
		<b>Blackstone Group LP</b> (NYSE: <a class="ticker" href="/stock/bx#NYSE">BX</a>) rose 5.5 percent to $31.50 in pre-market trading. Citigroup upgraded Blackstone Group from Neutral to Buy.</li>
<li>
		<b>Raytheon Company</b> (NYSE: <a class="ticker" href="/stock/rtn#NYSE">RTN</a>) rose 5 percent to $168.20 in pre-market trading after the company and Saudi Arabia Military Industries announced a strategic partnership.</li>
<li>
		<b>Cellcom Israel Ltd.</b> (NYSE: <a class="ticker" href="/stock/cel#NYSE">CEL</a>) rose 4.2 percent to $10.55 in pre-market trading after gaining 2.01 percent on Friday.</li>
<li>
		<b>Momo Inc (ADR)</b> (NYSE: <a class="ticker" href="/stock/momo#NYSE">MOMO</a>) rose 4 percent to $45.28 in pre-market trading after gaining 5.24 percent on Friday.</li>
</ul>
<p>
	<em>Find out what&#39;s going on in today&#39;s market and bring any questions you have to <a href="http://premarket.benzinga.com/pre-market-show/">Benzinga&#39;s PreMarket Prep</a>.</em></p>
<h3>
	<b>Losers</b></h3>
<ul>
<li>
		<b>La Jolla Pharmaceutical Company</b> (NASDAQ: <a class="ticker" href="/stock/ljpc#NASDAQ">LJPC</a>) shares fell 12.5 percent to $29.74 in the pre-market trading session after the company disclosed that results of the ATHOS-3 Phase 3 study of LJPC-501 have been published online by The New England Journal of Medicine.</li>
<li>
		<b>Interpace Diagnostics Group Inc</b> (NASDAQ: <a class="ticker" href="/stock/idxg#NASDAQ">IDXG</a>) fell 9 percent to $2.15 in pre-market trading after the company filed for up to $13.8 million stock offering.</li>
<li>
		<b>National Grid plc (ADR)</b> (NYSE: <a class="ticker" href="/stock/ngg#NYSE">NGG</a>) fell 8.5 percent to $68.85 in pre-market trading after surging 10.50 percent on Friday.</li>
<li>
		<b>Anavex Life Sciences Corp.</b> (NASDAQ: <a class="ticker" href="/stock/avxl#NASDAQ">AVXL</a>) fell 4.9 percent to $5.45 in pre-market trading as the company reported new data for ANAVEX 2-73 in the neurodevelopmental disorders including Angelman syndrome.</li>
<li>
		<b>China Commercial Credit Inc</b> (NASDAQ: <a class="ticker" href="/stock/cccr#NASDAQ">CCCR</a>) fell 4.6 percent to $2.70 in pre-market trading after climbing 11.42 percent on Friday.</li>
<li>
		<b>Synchronoss Technologies, Inc.</b> (NASDAQ: <a class="ticker" href="/stock/sncr#NASDAQ">SNCR</a>) shares fell 4.3 percent to $12.96 in pre-market trading after rising 1.01 percent on Friday.</li>
<li>
		<b>GlycoMimetics Inc</b> (NASDAQ: <a class="ticker" href="/stock/glyc#NASDAQ">GLYC</a>) shares fell 4 percent to $12.25 in pre-market trading after surging 19.59 percent on Friday.</li>
<li>
		<b>Carrizo Oil &amp; Gas Inc</b> (NASDAQ: <a class="ticker" href="/stock/crzo#NASDAQ">CRZO</a>) fell 3.2 percent to $23.51 in pre-market trading after gaining 2.71 percent on Friday.</li>
</ul>


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