MOSCOW (MRC) -- Clariant, a world leader in specialty chemicals, has announced that SABIC has received the final outstanding regulatory approvals from the competition authorities for the purchase of a 24.99% stake in Clariant, according to Hydrocarbonprocessing.
Therefore, an unconditional closing of the purchase will take place in the next days which makes SABIC Clariant’s largest strategic anchor shareholder, and second anchor shareholder beside the group of former shareholders of Sud-Chemie.
SABIC, the world’s third-largest diversified chemical company and a long-standing partner of Clariant in the Catalyst joint venture Scientific Design, entered into a purchase agreement regarding the acquisition of the stake in Clariant in January 2018.
"With SABIC receiving all the regulatory approvals and the transaction set to be completed, we look forward to further developing the strategic relationship between both companies in order to generate value for all stakeholders", said Hariolf Kottmann, CEO of Clariant.
Clariant and SABIC are discussing possible future collaborations that will generate value for the stakeholders of both companies. Any outcome of these discussions will be presented in due course.
As MRC wrote before, in January 2018, SABIC, a world leader in chemicals, agreed to acquire approximately 83 million shares in Clariant from 40 North and Corvex Management.
Saudi Basic Industries Corporation (Sabic) ranks among the world's top petrochemical companies. The company is among the worldпїЅs market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.
Clariant AG is a Swiss chemical company and a world leader in the production of specialty chemicals for the textile, printing, mining and metallurgical industries. It is engaged in processing crude oil products in pigments, plastics and paints. Clariant India has local masterbatch production activities at Rania, Kalol and Nandesari (Gujarat) and Vashere (Maharashtra) sites in India.
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