Sabic, a Saudi diversified manufacturing company and Swiss speciality chemicals firm Clariant have agreed to defer discussions on a possible merger of Sabic’s Specialties business with Clariant due to current unfavourable market conditions.
“Sabic looks forward to continuing these discussions once conditions have improved as we remain committed to our strategic growth ambitions in the area of specialties,” Sabic said in a statement on its website.
“This decision does not impact the performance of Sabic’s Specialties business or its ongoing customer commitments,” the Sabic statement added.
As part of Sabic’s global strategy to become a top five global leader in specialties, on September 11, 2018, Sabic closed on its transaction to acquire a 24.99 per cent stake in Clariant AG. Along with that stake, Sabic became the largest anchor shareholder in Clariant AG.
On September 18, 2018 Sabic announced the signing of a memorandum of understanding with Clariant AG, 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 AG. – TradeArabia News Service