Saudi Basic Industries Corporation (SABIC) has acquired 24.99 percent stake into Clariant AG, a leading international specialty chemicals producer.
The shareholding was originally owned by 40North and Corvex Management, SABIC said in a stock market filing.
The deal will be financed by bank loans, and awaits regulatory approval for completion.
SABIC and Clariant share another joint venture, Scientific Design, a process technology and catalyst development company.
Clariant AG manufactures specialty chemicals, and operates via four segments: care chemicals, catalysis, natural resources, and plastics and coatings.
It owns 80 plants at a combined production capacity of 4 million metric tons per annum.
Comments
{{DisplayName}}
{{ElapsedTime}}