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25/01/2018 11:12 AST
Saudi Basic Industries Corp (SABIC) has agreed to acquire a 24.99 percent stake in Swiss specialty chemicals maker Clariant AG , SABIC said on Thursday, becoming the Swiss company's largest shareholder.
SABIC did not say how much it paid for the deal, but Clariant's 24.99 percent stake is worth $2.4 billion based on its market capitalisation.
SABIC bought the stake from Corvex hedge fund and New York's 40 North. Clariant AG recently abandoned merger plans with Huntsman.
The acquisition is financed by foreign banks, SABIC said without identifying them and added that the financial impact would appear in the first quarter of this year. The closing of the transaction is subject to completing regulatory approvals.
"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," said Yousef al-Benyan, SABIC's CEO, in a statement.
SABIC, currently the world's number 4 chemical firm, said it currently has no plans to launch a full takeover of Clariant.
SABIC has been restructuring its operations to diversify its products. It has also been expanding abroad to be closer to markets and feedstock.
Benyan said in November the company plans to spend between $3 billion and $10 billion on acquisitions over the next five years in specialties and agri-nutrients.
Reuters
09/03/2018
Saudi Arabia will firmly support the UK as it embarks on Brexit, the chief of chemicals giant Sabic said on Thursday. Speaking at a gathering of CEO's from both countries in London, Sabic CEO Yousef
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30/01/2018
Sabic has posted a net profit of SR3.67 billion ($977 million) for the fourth quarter of 2017 compared to SR4.51 billion for the same quarter in 2016, reflecting a decrease of 18.63 per cent.
Trade Arabia
28/01/2018
Saudi Basic Industries Corp (Sabic) bought a 25 per cent stake in Clariant, ending the Swiss speciality chemical group's fight with activist investors but raising further questions about its future.<
Times of Oman
| Ticker | Price | Change |
|---|---|---|
| MAADEN | 53.60 | 2.20 (4.28 |
| SABICAGRINUTRIENTS | 118.00 | 1.80 (1.54 |
| MARBLEDESIGN | 83.50 | 0.00 (0.00 |
| LIMEINDUSTRIES | 12.18 | 0.38 (3.22 |
| YANSAB | 41.05 | 0.40 (0.98 |
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