Brenntag notes shareholder letter, says remains in constructive talks (updated)

Univar Solutions

18/04/2023 10:11

(adds details, background)
       April 18 (Reuters) - German chemicals distributor
Brenntag  BNRGn.DE  said on Tuesday that it had taken note of a
letter from its shareholder PrimeStone Capital urging changes to
its strategy and operations.
    "We are in constructive talks with all shareholders," it
added in an e-mailed reply to Reuters' request to comment. 
    Activist investor PrimeStone Capital, which holds a 2% stake
in Brenntag, called for a separation of the firm's specialties
and essentials units in an open letter issued earlier.  
    The shareholder also said the company needed a "much
stronger focus" on management performance and cost efficiency.  
    The group said it would provide further details on the setup
of the two divisions during a capital markets day in the autumn.
        In late 2022, 
    PrimeStone urged Brenntag
     to end takeover talks with U.S. chemicals distributor
Univar Solutions  UNVR.N  and instead to buy back shares and
prepare for a break-up into two separate companies.
  
        
    Univar said in mid-March that private equity firm Apollo
Global Management  APO.N  would take it off the market for $8.1
billion. 
        Brenntag's shares were flat at 08:30 GMT. 
  

 (Reporting by Alexander Huebner, writing by Andrey Sychev
Editing by Madeline Chambers)
 ((Andrey.Sychev2@thomsonreuters.com;))