Clifford Chance advising SABIC on proposed acquisition of Clariant stake

UK-based law firm Clifford Chance on Monday said it is advising Saudi Basic Industries Corporation’s (SABIC) on its proposed acquisition of a strategic stake in Clariant AG from 40 North and Corvex Management.

SABIC, which is 70 percent owned by the Saudi sovereign wealth fund, Public Investment Fund, will become the largest shareholder in Clariant after acquiring of a 24.99 percent stake, or nearly 83 million shares from 40 North and Corvex Management, the company said in a statement.

The law firm’s merger and acquisition (M&A), anti-trust, securities and finance teams from across several offices, including Dubai, New York, Brussels, Amsterdam, Frankfurt and Düsseldorf, worked closely with SABIC to sign the deal.

Over the past two decades, Clifford Chance has acted as advisors for SABIC's other international acquisition and finance transactions such as Dutch group DSM’s petrochemicals business and GE Plastics.