SABIC has acquired a 24.99% stake in Clariant. The acquisition of these stakes, which were previously held by Corvex Management and 40 North, makes SABIC the largest Clariant shareholder.
As is customary in the industry, Clariant was informed of SABIC’s intention to acquire the shares prior to the transaction.
SABIC is one of the major global chemical companies, with a significant specialty chemicals business and a partner of Clariant in the catalyst joint venture, Scientific Design.
Clariant confirmed that it intends to engage with SABIC over the coming weeks in order to discuss the new situation and explore possible ways to create value. Clariant will also continue the existing dialogue with all its other shareholders.
David Winter, Co-CEO of Standard Industries and Co-CIO of 40 North, said: "SABIC is an established global leader in the chemicals industry with a world-class management team and a long-term, sophisticated vision for the future. We are confident that this transaction allows Clariant to continue on its path to becoming a global specialty chemicals leader."
David Millstone, Co-CEO of Standard Industries and Co-CIO of 40 North, added: "We have been significant shareholders of Clariant since 2016. SABIC's strategic investment in Clariant is a successful outcome and we are pleased to have played a role in making it possible."
The closing of the transaction is subject to completing regulatory approvals.
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/25012018/sabic-acquires-stake-in-clariant/