- SABIC Saudi Arabia Basic Industry Corporatiion acquires stakes previously held by 40 North and Corvex Management
- Clariant acknowledges investment by chemical industry peer and partner SABIC
- Clariant and SABIC to engage in discussions
Clariant, a world leader in specialty chemicals, today acknowledges the investment by chemical industry peer and partner SABIC, which has acquired a 24.99% stake in Clariant. The acquisition of these stakes, which were previously held by White Tale and 40 North, makes SABIC the largest Clariant shareholder. The stake was sold with a profit to these selling companies, their bulding-up of a stake in Clariant were the reason why the merger under equals between Clariant and Huntsman was called off.
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 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.
SABIC is a global leader in diversified chemicals headquartered in Riyadh, Saudi Arabia. It manufactures on a global scale in the Americas, Europe, Middle East and Asia Pacific, making distinctly different kinds of products: chemicals, commodity and high performance plastics, agri-nutrients and metals. The company has more than 35000 employees worldwide and operates in more than 50 countries, with innovation hubs in five key geographies – USA, Europe, Middle East, South East Asia and North East Asia.