SABIC gets regulators' approval for 25% stake acquisition in Clariant

Riyadh – Mubasher: The Saudi Basic Industries Corporation (SABIC) has announced obtaining the regulatory approvals to purchase a 24.99% stake in the Swiss company Clariant AG.

The transaction is part of SABIC’s plans to implement further domestic and overseas expansion, as well as to diversify its products, according to a statement to the Saudi Stock Exchange (Tadawul) on Monday.

Clariant is specialised in producing chemicals which are related to catalysts, natural resources and packaging.

The value of takeover transaction wasn't disclosed.

By 10:49 am Saudi time, SABIC’s stock inched up 0.83% to SAR 121.20.

Mubasher Contribution Time: 10-Sep-2018 07:51 (GMT)
Mubasher Last Update Time: 10-Sep-2018 08:06 (GMT)