, Columnist
White Tale High-Tails It
White Tale's u-turn at Clariant undermines the activist threat.
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All activists ever want is a quick boost in their target's share price so they can sell and move on. That's what beleaguered CEOs always say when hedge funds attack. The investors targeting Clariant AG have just given that tired riposte a big dollop of credibility.
White Tale Holdings ended hostilities with the Swiss chemicals group on Thursday by selling its 25 percent stake to Saudi Basic Industries Corp. The decision follows repeated assertions from the agitator -- a partnership between hedge fund Corvex Management LP and investment group 40 North -- that it was a long-term holder.