Chemicals company Clariant has brought in financial advisors Goldman Sachs to help navigate the rocky waters following minority activist investor White Tale Holdings’ objection to the planned merger with Huntsman.

White Tale Holdings, which has a 10 percent share in the company, is said to oppose the $20 billion deal as it feels it is not the best way to unlock value and is said to be looking to other investors to also object to the deal.

A Clariant spokesperson said, “We can confirm that we have retained Goldman Sachs as additional adviser in relation to the investment, the positions taken and demands made by White Tale.”

Clariant is said to have looked to Goldman Sachs to reassure the company’s 20 largest shareholders that currently are on board with the merger, with the company also working with Citi and UBS while Huntsman had taken on Bank of America and Moelis as its advisers.

According to the NY Times, White Tail is yet to communicate what it’s next move will be, but there is talk of a general meeting being held to put paid to the merger plans. However, according to sources some investors, such as a Bavarian families holding 14 percent, have also been approached to oppose the deal – to which the group put a formal offer of support in writing. 

However, Peter Hunt, CEO of Huntsman responded in an email stating the company remains ‘highly confident in the strategic rationale for the merger benefiting shareholders of both companies’, according to Chron,com.