(1888PressRelease)
May 14, 2009 - The comment followed market rumors that Swiss politician and entrepreneur Christoph Blocher may be interested in taking a stake in the company through a consortium.
"We don't comment on single market rumors," Wagner said. "But it is our strategy to remain an independent company," he said, confirming previous statements made by management.
Blocher's office declined comment.
Clariant shares earlier Tuesday rose as much as 10%. At 1410 GMT, Clariant's shares were up 6.5%, or CHF0.41, at CHF6.69, in a slightly lower Swiss market.
Chemicals analyst Martin Flueckiger of Swiss independent broker Helvea said it's relatively unlikely Blocher plans to take a stake.
"If Blocher were interested in Clariant, he would have approached the company earlier," he said, pointing to the company's sales and profit levels which are feeling the pinch from the economic downturn.
Flueckiger added that Blocher - a stalwart in the chemicals industry from his time as former Chief Executive and Chairman of EMS-Chemie Holding AG (EMSN.VX) - is known for his strong views and leadership style and could not live in "peaceful co-existence" with current management, which makes the rumored scenario even more unlikely.
"Unless we see more smoke around this rumor, we believe it's unlikely to have any substance, he said. Flueckiger rates Clariant at "reduce" with a CHF5.20 price target.
Clariant's share price has recently been seesawing in what analysts call a nervous market. "The market reacts to rumors more than in less turbulent times," said Zuercher Kantonalbank analyst Martin Schreiber, who rates Clariant at marketweight. He expects Clariant shares to remain volatile in the future, too.
Year-to-date, Clariant shares have lost 12% of their value, while the European Chemicals index Stoxx 600 has risen 5.2% over the same period.
Company Web site: www.clariant.com
###
