SABIC announced it has received the final outstanding regulatory approvals from the competition authorities for the purchase of a 24.99 percent stake in Clariant, a world leader in specialty chemicals.
An unconditional closing of the purchase will take place in the coming days, which makes SABIC Clariant's largest strategic anchor shareholder, and second anchor shareholder beside the group of former shareholders of Süd-Chemie, said Clariant in a statement.
SABIC’s CEO Yousef al-Benyan, said the companies knew each other and had worked well together for many years.
“This investment is in line with SABIC’s strategy of product diversification...and becoming a global leader in the specialties sector,” he said.
SABIC and Clariant worked together for years and are currently discussing possible future collaborations that will generate value for the stakeholders of both companies. Any outcome of these discussions will be presented in due course.
"With SABIC receiving all the regulatory approvals and the transaction set to be completed, we look forward to further developing the strategic relationship between both companies in order to generate value for all stakeholders," said Clariant CEO Hariolf Kottmann.
SABIC, the world's third largest diversified chemical company and a long-standing partner of Clariant in the catalyst joint venture scientific design, entered into a purchase agreement regarding the acquisition of the stake in Clariant in January 2018.
