Sabic buys 25 per cent stake in Clariant
The purchase, for an undisclosed price, makes Sabic the largest Clariant shareholder.
Saudi Arabian chemical maker Sabic has acquired a 24.99 per cent equity stake in plastic masterbatch and additives supplier Clariant, making it the largest Clariant shareholder.
The terms of the purchase have not been disclosed.
In a statement, Sabic said it acquired the stakes that were previously held by activists investor White Tale through equity investor Corvex Management. White Tale had previously scuttled the proposed US$20 billion Clariant-Huntsman merger last year.
Sabic said that it “currently has no plans” to make a takeover offer for Clariant. “This acquisition is part of Sabic’s long-term growth strategy to remain committed to product differentiation and creating value for its customers,” the statement said. “Clariant 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 and Clariant have already had a successful relationship in their joint venture, Scientific Design, a process technology and catalyst development company.