Huntsman Corp. (HUN), the U.S. chemicals producer founded by Jon Huntsman Sr., rose the most in three weeks after DealReporter said it hired Bank of America Corp. to explore a potential sale of the company.
Huntsman rose 5.6 percent to $14.79 as of 2:20 p.m. in New York. Earlier it climbed as much as 6.1 percent, the biggest intraday gain since March 8.
DealReporter cited two people in the industry whom it didn’t identify. Gary Chapman, a spokesman for Huntsman, which is run from Salt Lake City and The Woodlands, Texas, declined to comment in an e-mail.
Jon Huntsman Sr. said in a March 8 investor presentation that he’d pursue a sale of the company “at the right price” because it’s being undervalued by the market.
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