A half-dozen firms are working on a large specialty chemical company stock-for-stock merger between the Swiss company Clariant and Huntsman Corp. based in The Woodlands, a planned community north of Houston.

Huntsman is represented by Kirkland & Ellis, Vinson & Elkins and Swiss firm Bar & Karrer Ltd. Clariant turned to Cleary Gottlieb Steen & Hamilton and Swiss firm Homburger.

The merger, announced Monday, would create a company with an enterprise value of about $20 billion. The boards of directors of both companies have approved a definitive agreement to combine the companies in a merger of equals. The merged company will be called HuntsmanClariant. The deal is expected to close by the end of the year.

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