SABIC has Acquired Highest Share of Clariant by 24.99%
Acknowledged the investment by chemical industry peer and partner SABIC, which has acquired a 24.99% stake in Clariant. The acquisition makes SABIC the largest Clariant shareholder.
These stakes were previously held by White Tale and 40 North. The transaction amount was not disclosed, but the stake is worth around US$2.4 billion based on market capitalization.
“Clariant AG is complementary to SABIC’s existing specialties business and is well in line with SABIC’s strategy of opening up new growth opportunities in specialty chemicals,” SABIC CEO Yousef al-Benyan said in a statement.
As is customary in the industry, Clariant was informed of SABIC’s intention to acquire the shares prior to the transaction. SABIC, also with a significant specialty chemicals business, is a partner of Clariant in the catalyst joint venture Scientific Design.
According the report of Reuters, the move stoked uncertainty about Clariant as Saudi Arabia seeks to diversify its economy and reduce its reliance on oil. Though SABIC had no current plans to launch a full takeover of Clariant, but some analysts do not expect the Saudi chemical maker to stop now.
Clariant said it intends to engage with SABIC over the coming weeks in order to discuss the new situation and explore possible ways to create value.
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