The Saudi firm has been unable to agree with Clariant's chairman on how to deepen the bond between the two companiesby Kudakwashe Muzoriwa
Saudi Basic Industries Corporation (SABIC) has acquired additional shares in Clariant to increase its stake to 31.5 per cent, signalling cooling relations between the two companies has not dampened the Kingdom petrochemical maker’s aim to grow its specialty business.
In a bouse filing, SABIC said that it now owns 31.5 per cent from 24.99 per cent previously. The state-owned plastics company said that completion of the transaction is subject to regulatory approvals.
SABIC acquired its Clariant stake in 2018, seeing the purchase as a way to expand in higher-margin products used in cosmetics, catalysts and biofuel. Bloomberg reported that since then, the Saudi firm has been unable to agree with Clariant's chairman on how to deepen the bond between the two companies.