The Woodlands, Texas – Huntsman shareholders have backed the company's current board in the face of a challenge from an activist investor group.
Peter Huntsman said his board had spoken to almost all of its 100 largest shareholders during the process. 'We have transformed our product portfolio to focus on value over volume and fully deleveraged our balance sheet earning an investment grade rating,’ he said. ‘ The outcome of today's shareholder vote is validation of our portfolio strategy and recognition that the Huntsman of today is vastly different to the Huntsman of five years ago.'
He said that directors had had constructive dialogue with Starboard, the activist shareholder, and look forward to continued engagement with them.
