Swiss specialty chemicals producer Clariant has appointed Alexander Gehrt, former senior investment banker at UBS Group as its new head of mergers and acquisitions. The banker’s job will be to oversee the company's deal-making and treasury activities, according to financial news service Market Watch, which cited sources.

After joining UBS in 1997, Gehrt led the UBS German mergers and acquisitions operations until his departure in summer 2015. Among other transactions he advised Bayer on the 2013 sale of its interventional division for $415 million in cash to Boston Scientific.

While Clariant has not commented on the new hire, observers speculated that the company is either eyeing a deal or wants to defend itself against a hostile takeover attempt, possibly both.

The chemicals sector has seen a number of high profile transactions in the recent past, with deal volume totaling $180 billion in 2015, up 73% from 2014.

With the planned mega merger of US giants Dow Chemical and DuPont as well as the pursuit of Swiss agrochemicals major Syngenta by both Monsanto and China National Chemical causing nervousness worldwide, Clariant may fear the heat turned up in its own backyard.

According to unconfirmed press reports, Clariant was eyed by its larger German rival Evonik last year.