{
  "docId": "019dd923-622c-750b-8b9c-e7508bf92a94",
  "docSlug": "84e240d51920",
  "documentTitle": "Huntsman Corporation (HUN)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-02-28 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 59,
  "pageCount": 238,
  "prevPage": 58,
  "nextPage": 60,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 8,
  "notes": "Uses a line chart with callout boxes to highlight the gap between management's stated intent and the final financial outcome.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "line_chart",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-e7508bf92a94/59",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-e7508bf92a94",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-e7508bf92a94.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-e7508bf92a94#slide-59",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.3,
        "x": 0.65,
        "y": 0.48
      },
      "kind": "callout",
      "text": "August 28, 2020 ($1.99/share) Announces sale of its remaining ownership to SK Capital for $100 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4ec094f6-3415-47e0-87b8-6e2d502966bd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.15,
        "x": 0.43,
        "y": 0.29
      },
      "kind": "callout",
      "text": "May 16, 2019 ($5.07/share) Comments at investor conference that Huntsman won't sell shares of Venator until its stock price is \"significantly higher\"",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "805d965d-2718-4532-9537-a0293e32fb85",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.15,
        "x": 0.35,
        "y": 0.49
      },
      "kind": "callout",
      "text": "December 3, 2018 ($5.28/share) Sells 4% stake in Venator for $19 million and deconsolidates from Huntsman financials",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8a0f6134-11e8-464e-9fe2-5536c9e8d3d9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.15,
        "x": 0.13,
        "y": 0.61
      },
      "kind": "callout",
      "text": "August 7, 2018 ($12.87/share) Comments at investor conference that Huntsman will not \"fire sale\" Venator shares",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8fd4616a-d1bd-486e-b3a7-e74c90de52cb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.15,
        "x": 0.25,
        "y": 0.28
      },
      "kind": "callout",
      "text": "May 23, 2018 ($18.42/share) Makes commitment at Investor Day to monetize remaining 53% stake in Venator for over $1.0 billion",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a7dd0dd7-8808-4ec0-8061-02974df07883",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Huntsman committed to monetizing its Venator stake for over $1.0 billion, but ultimately received ONLY $140 million after conducting a “fire sale” in 2020.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14da-72ce-9fb1-b0bccb20a214",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.9,
        "x": 0.05,
        "y": 0.22
      },
      "kind": "chart",
      "text": "Venator Historical Stock Price Chart",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a1ad1b8f-101b-45fb-93ec-ff1f6ba30979",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "stock price: $140 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14da-72ce-9fb1-b57b71f47af5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.12
      },
      "kind": "paragraph",
      "text": "In August 2017, Huntsman IPO'd its TiO2 business, Venator, into a publicly-traded entity while retaining a 53% stake, which the Company committed to monetizing for over $1.0 billion.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "24eb655a-7b16-426a-8196-56e67e59790b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.85
      },
      "kind": "paragraph",
      "text": "Huntsman committed to monetizing its Venator stake for over $1.0 billion, but ultimately received ONLY $140 million after conducting a \"fire sale\" in 2020.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d065fc82-84b3-4081-8c19-cc02990422fc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: CapitalIQ, public company filings, transcripts, and press releases.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8937be40-71aa-4dc3-886f-2168df993a8a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.03
      },
      "kind": "title",
      "text": "The Company Disposed of Venator At \"Fire Sale\" Prices After Refusing For Years to Sell at Significantly Higher Prices",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "765090ed-bc23-489d-a977-6a5c39713e6a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "antagonist-introduction",
      "slug": null,
      "matchId": "c292c9bb-f00f-444b-9fef-799427838779",
      "evidence": "Framing management's actions as a 'fire sale' against their own stated commitments.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 80,
      "from": 7,
      "beatId": "6fee00a2-fd59-4a92-b4c3-f24a64ee9c0e",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The document exposes several contradictions and inconsistencies in the company's promises and actions.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}