Riyadh – Mubasher: Clariant, the Switzerland-based producer of specialty chemicals, is expected to raise around $2.01 billion from selling parts of its plastics and coatings business, the company's CEO said.
The Saudi Basic Industries Corporation (SABIC) has no plans to own a large stake in Clariant, Kottmann told Reuters.
“There’s no contract that says SABIC cannot raise its stake, but there will not be a full takeover,” the CEO further indicated.
On a related note, Clariant and SABIC, which owns a 25% stake in the Swiss firm, are currently working on merging their materials business.
“If SABIC were to make a takeover offer for Clariant and the price were right, shareholders would be pleased,” Kottmann said.
