Riyadh - Mubasher: Clariant is set to delay issuing an update on its ties with Saudi Basic Industries (SABIC), as antitrust approvals for the Saudi company’s 25% stake in the Swiss chemical manufacturer may take longer than expected.
SABIC does not currently plan to make a full bid to acquire Clariant, according to Clariant’s CEO Hariolf Kottmann.
“If they change their position, they will let us know,” Kottmann was quoted as saying by Reuters.
Kottmann also told Reuters that the timing of the strategy update with investors, planned for early September, was now uncertain.
“If we receive the antitrust clearance at the beginning of September, we need [four to six] weeks to continue the discussions we’ve had currently, to bring a bit more meat to the bone,” Kottmann explained.
Lawyers from both sides believe there was no reason not to get the clearance, but the formal process is taking more time, he further added, noting that from today’s point of view, a takeover makes no sense, because now they are now in a much earlier stage and phase of discussions where they have the obligation to find value-creating potentials for the shareholders.
