Saudi Arabia's Sabic Boosts Clariant Stake Close to One-Third - Bloomberg:
Saudi Basic Industries Corp. increased its stake in Clariant AG, signaling cooling relations between the two companies hasn’t dulled the Saudi petrochemical maker’s aim to expand in specialty products through the Swiss firm.
The state-owned plastics company now owns 31.5% in Muttenz-based Clariant, it said in a filing. That’s up from 24.99% previously and just short of the one-third ownership that would trigger a mandatory offer for the remainder. Shares of Clariant surged.
The move is part of “Sabic’s growth strategy in specialties” and furthers its aim of becoming a global leader, it said in statement, without giving further details. Completion of the transaction is subject to regulatory approvals, Sabic said.
Spokespeople for Sabic weren’t immediately available for comment.
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