Saudi Basic Industries Corporation (SABIC) increased its stake in Clariant AG, a Switzerland-based producer of specialty chemicals, to 31.5%, it said in a bourse filing on Tuesday.
The move is part of the company’s expansion strategy to achieve a leadership position among global peers in specialties business, in addition to increasing this segment’s contribution to SABIC.
The transaction is subject to obtaining the relevant regulatory approvals, the statement noted.
In January 2018, SABIC acquired 24.99% stake in Clariant from 40North and Corvex Management.
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