Petrochemicals major Saudi Basic Industries Corporation (SABIC) has received the regulatory approvals from the competition authorities to complete its purchase of 24.99 percent stake in Clariant, the Swiss speciality chemicals maker said in a statement on Monday.
The unconditional closing of the purchase will take place in the “next [few] days,” it added.
Delays in approvals from competition authorities in countries including Mexico and Brasil had forced Clariant to push back a strategic update on its tie-up with SABIC.
Following the clearance, SABIC will now become Clariant's largest strategic anchor shareholder and second anchor shareholder beside the group of former shareholders of Süd-Chemie.
The Riyadh-based company had entered into an agreement for the acquisition of a 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, Clariant.
Clariant and SABIC are “discussing about possible future collaborations that will generate value for the stakeholders of both companies,” the statement stated.
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