(MENAFN- AFP)The Swiss stock exchange said Thursday it was investigating whether Swiss chemicals group Clariant violated its disclosure requirements when it announced a merger -- since aborted -- with US counterpart Huntsman last year.
The stock exchange said it is looking into Clariant's announcement on May 22 of its plans to merge with Huntsman and create a trans-Atlantic chemicals giant with a combined value of around $20 billion.
The two companies dropped their merger plans a few months later.
The regulator arm of the Swiss stock exchange operator, SIX, said in a statement that it had "opened an investigation against Clariant Ltd on January 11, 2018 on account of a possible breach of the ad hoc disclosure requirements."
"Investigatory proceedings will continue for an indefinite period," it said, adding that it would not provide further details until the probe had concluded.
Clariant, which insists it has fully respected its disclosure obligations, told AFP it was cooperating with the probe.
The company hinted the investigation might be linked to television and radio spots created in advance of its announcement.
"Due to the complexity of the transaction, it was decided to also involve the Swiss Radio and Television (SRF) with the aim of providing the general public with background information on the transaction," the Swiss company said.
Television and radio spots had been produced to help explain the operation to the public, it said, adding though that SRF had signed a legally-binding confidentiality clause blocking it from broadcasting the spots until after the official announcement went out.
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