SABIC suspends discussions on merging specialties business with Clariant

Yesterday Clariant announced that Ernesto Occhiello, CEO and member of the executive committee, has decided to leave the company for personal reasons with immediate effect

SABIC is the largest anchor shareholder in Clariant.
SABIC is the largest anchor shareholder in Clariant.

As part of SABIC’s global strategy to become a top five global leader in specialties, on 11 September 2018, SABIC closed on its transaction to acquire a 24.99% stake in Clariant. Along with that stake, SABIC became the largest anchor shareholder in Clariant.

On 18 September 2018 SABIC announced the signing of 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.

Following the signing of a memorandum of understanding between SABIC and Clariant to explore the possible merger of SABIC’s specialties business with Clariant, both companies have now reached a common understanding to temporarily defer these discussions due to current unfavourable market conditions.

SABIC looks forward to continuing these discussions once conditions have improved as the company remain committed to its strategic growth ambitions in the area of specialties.

This decision does not impact the performance of SABIC’s specialties business, or its ongoing customer commitments.

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