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(Bloomberg) -- Huntsman Corp. and Clariant AG are in talks to merge in a transatlantic deal that would create a chemicals company valued at about $14 billion, according to a person familiar with the discussions.

The U.S. and Swiss companies haven’t yet agreed on a deal but as envisioned Clariant would own about 52 percent of the combined entity called HuntsmanClariant, according to the person, who asked not to be identified discussing the talks. Huntsman Chief Executive Officer Peter Huntsman would hold that title for the combined company and the board would be evenly split, with Clariant CEO Hariolf Kottmann as chairman.

Representatives of the companies didn’t immediately return calls for comment outside regular business hours. The talks were reported earlier today by the Wall Street Journal.

Clariant was mentioned by analysts as a potential partner after Huntsman’s chairman, Jon Huntsman Sr., flagged in March that the company was considering a major merger to follow the separation of its paint-pigments business. The Woodlands, Texas-based company was “looking seriously at the possibility of doing a merger or doing something that would double or triple our revenues,” Huntsman said at a conference in San Antonio, Texas. 

Huntsman had surged in October after the company detailed plans to spin off the unit that makes titanium dioxide, or TiO2, a white pigment with volatile earnings that have depressed the stock price. DuPont Co. spun off its TiO2 business as Chemours Co. in 2015, after prices for the chemical used in coatings, plastics, food and toothpaste tumbled from a 2011 peak.

To contact the reporters on this story: Matthew Monks in New York at mmonks1@bloomberg.net, Jack Kaskey in Houston at jkaskey@bloomberg.net.

To contact the editor responsible for this story: Kevin Miller at kmiller@bloomberg.net.

©2017 Bloomberg L.P.

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