SABIC acquires stakes previously held by 40 North and Corvex Management
SABIC, a chemicals company, has acquired a 24.99% stake in industry peer and partner Clariant.
The acquisition of these stakes, which were previously held by White Tale and 40 North, makes SABIC the largest Clariant shareholder.
Clariant was informed of SABIC’s intention to acquire the shares prior to the transaction.
SABIC is one of the major global chemical companies, with a significant specialty chemicals business and a partner of Clariant in the catalyst joint venture scientific design.
Clariant intends to engage with SABIC over the coming weeks in order to discuss the new situation and explore possible ways to create value.
Clariant will also continue the existing dialogue with all its other shareholders.