Clariant, SABIC tighten links under new partnership | ZAWYA MENA Edition:
Switzerland's Clariant and new anchor shareholder Saudi Basic Industries Corp (SABIC) will merge their high-performance materials businesses and install a SABIC manager as head of the group as they strengthen their partnership.
The new joint venture and governance accord announced on Tuesday mark the first concrete signs of how SABIC's arrival as a white knight in January is reshaping the speciality chemicals group that U.S. activists had targeted.
The partners had agreed that SABIC would not take over Clariant but could boost the 24.99 percent stake it bought from the activists to rescue Clariant from a hostile takeover threat, Clariant Chief Executive Hariolf Kottmann told a news conference.
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