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Swiss chemical maker Clariant AG and U.S.-based Huntsman Corporation have reconfirmed their intention to merge in replying to an open letter from Clariant’s largest stakeholder criticizing the $20 billion deal.

In an open letter to Clariant dated Sept. 19, Cayman Islands-based investment firm White Tale Holdings asked Clariant to reconsider the merger as it lacked “strategic merit.”

“Unfortunately, we remain convinced, and increasingly so, that the proposed merger is detrimental to Clariant shareholders,” White Tale said in the letter. “It both significantly destroys existing Clariant shareholder value and prevents Clariant from pursuing multiple alternative and immediate opportunities to unlock value for its shareholders.”

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