Shares in speciality chemicals company Clariant have risen following news of a possible buy out from private equity firm CVC, a move which follows a rejection from Evonik last week. 

Shares rose 1.5 percent last week following news that CVC had interest in seeking a partner to help purchase Clariant, following the collapse of the Huntsman/Clariant merger under pressure from activist investor White Tail Holdings. 

CVC’s alleged interest came after Evonik Chief Executive Christian Kullmann confirmed that the company was not interested in buying Clariant in full or part, a decision which is thought to be down to the high price of its assets and a lack of strategic fit. 

An Evonik spokesperson confirmed to Reuters, “We have looked at this and we don’t have a concrete interest.”