Clariant's Planned Sabic Tie Up Falls Victim to Chemicals Slump - Bloomberg:
Clariant AG and anchor investor Saudi Basic Industries Corp. suspended talks on their planned $3.1 billion specialty plastics venture as a sharp downturn in the global chemicals market renders deal-making more difficult.
The two companies struggled to agree on how much their respective businesses were worth, Clariant Chairman Hariolf Kottmann said in a telephone interview on Thursday. The Swiss manufacturer and its Riyadh-based shareholder said discussions could resume when markets improve. Clariant shares fell as much as 8.7% in early trading.
“You need to find a compromise, if you don’t it’s better to take a bit of time,” Clariant Chief Financial Officer Patrick Jany said on the same call. “We’ve been looking at it in detail and just came to this point given the current market and business development.”
No comments:
Post a Comment