SABIC Defers Discussions with Clariant on Merger with its Specialties Business
Continuation of discussions welcome by SABIC when market conditions improve.
SABIC has confirmed that the company and Clariant AG have reached an understanding to temporarily defer discussions regarding the merger of SABIC’s Specialties business with Clariant. This attributed to current unfavorable market conditions. SABIC states that it looks forward to continuing these discussions once conditions have improved as it is committed to strategic growth in the area of specialties.
On September 11, 2018, SABIC closed on its transaction to acquire a 24.99% stake in Clariant AG as part of its global strategy to become a top five global leader in specialties. Along with that stake, SABIC became the largest anchor shareholder in Clariant AG. Seven days later last year, the company announced that it had signed a Memorandum of Understanding with Clariant to open discussions and a due diligence process with the shared intent to combine its future stand-alone Specialties business with the additives and high value masterbatch areas of Clariant.
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