SABIC seeks Clariant chairman's ouster in post-Christmas coup | Reuters
Clariant’s biggest shareholder, Saudi Basic Industries Corporation, on Monday re-ignited a battle over the Swiss chemicals maker’s future by seeking a 12-year board member term limit that would force Chairman Hariolf Kottmann’s ouster.
SABIC, which owns 31.5% of Clariant, asked for the new term limit, including for the chairperson, to be added to the agenda of the annual general meeting of shareholders scheduled for April 7.
Aramco-controlled SABIC also proposed a special dividend distribution of 2 Swiss francs per share, Clariant said in a statement, which would total roughly 670 million francs ($753 million).
That could drain the company’s coffers that new CEO Conrad Keijzer might otherwise use to bulk up via acquisitions that he has said are a priority.
No comments:
Post a Comment