03 April 2012 03:00 [Source: ICIS news]
SAN ANTONIO, Texas (ICIS)--The chief executive of US-based Huntsman on Monday declined to comment on speculation that the chemicals maker has hired a bank to explore a potential sale of the company.
Shares of Huntsman rose 7% to $14.99 on Monday following a report by DealReporter that said the firm had hired Bank of America to explore a potential sale, according to news media services.
“If we were doing something we couldn’t tell you and if we’re not doing something we couldn’t deny it,” CEO Peter Huntsman said on the sidelines of the International Petrochemical Conference (IPC).
Company founder and board chairman Jon Huntsman Sr said at the company’s investor day event on 8 March that the producer would be interested in a sale of all or parts of the company, provided the price is right.
Peter Huntsman said on Monday the company leaders are frustrated with the producer’s stock price.
The value of the company stock is weighted too heavily towards its titanium dioxide (TiO2) earnings rather than the earnings of all of its business segments, Peter Huntsman indicated.
“We’re being treated as though we are a very large TiO2 company,” Peter Huntsman said.
In addition to producing TiO2, Huntsman produces polyurethanes, textile chemicals, performance chemicals and other materials.
“We are going to be looking at a variety of value creating options for the company,” he said. “Now if that specifically includes a sale, I won’t comment on that.”
Hosted by American Fuels & Petrochemicals Manufacturers (AFPM), the IPC continues through Tuesday.
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