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- China's Sinopec Signs Joint Venture Agreement with Saudi Aramco Worth $4 Billion
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25/01/2018 11:12 AST
Saudi Basic Industries Corp (SABIC) has agreed to acquire a 24.99 percent stake in Swiss specialty chemicals maker Clariant AG , SABIC said on Thursday, becoming the Swiss company's largest shareholder.
SABIC did not say how much it paid for the deal, but Clariant's 24.99 percent stake is worth $2.4 billion based on its market capitalisation.
SABIC bought the stake from Corvex hedge fund and New York's 40 North. Clariant AG recently abandoned merger plans with Huntsman.
The acquisition is financed by foreign banks, SABIC said without identifying them and added that the financial impact would appear in the first quarter of this year. The closing of the transaction is subject to completing regulatory approvals.
"Clariant AG is complementary to SABIC's existing specialties business and is well in line with SABIC's strategy of opening up new growth opportunities in specialty chemicals," said Yousef al-Benyan, SABIC's CEO, in a statement.
SABIC, currently the world's number 4 chemical firm, said it currently has no plans to launch a full takeover of Clariant.
SABIC has been restructuring its operations to diversify its products. It has also been expanding abroad to be closer to markets and feedstock.
Benyan said in November the company plans to spend between $3 billion and $10 billion on acquisitions over the next five years in specialties and agri-nutrients.
Reuters
28/03/2025
Sabic, a global leader in diversified chemicals, today (Martch 27) reaffirmed its advocacy for sustainable growth through innovation and collaboration at the Boao Forum for Asia (BFA)'s Annual Confer
Trade Arabia
26/02/2025
Chemical manufacturer Saudi Basic Industries Corp. posted a net profit of SR1.54 billion ($410.6 million) in 2024, rebounding from a SR2.77 billion loss the previous year, driven by improved operatio
Arab News
20/02/2025
Saudi Basic Industries Corporation (SABIC) has announced the completion of the regulatory process to sell its 20.62% shareholding in Aluminum Bahrain (Alba) to the Saudi Arabian Mining Company (Ma'ad
Trade Arabia
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| MAADEN | 48.00 | 0.00 (0.00 |
| SABICAGRINUTRIENTS | 102.40 | -0.20 (-0.20 |
| MARBLEDESIGN | 75.30 | -0.70 (-0.93 |
| LIMEINDUSTRIES | 12.40 | -0.18 (-1.44 |
| APICO | 53.90 | 1.90 (3.65 |
29/04/2025
China's state-run Sinopec said on Monday it had signed an agreement with a unit of Saudi Aramco to establish a joint venture company aimed at operating ports, transporting crude oil, and providing ot
Asharq Al Awsat
29/04/2025
Gulf Bank has officially released its Fifth Annual Sustainability Report for the year 2024, titled "From Vision to Execution", highlighting the Bank's advancements in sustainability in line with Kuwa
Kuwait Times
29/04/2025
In an interview with CNBC International, Shaikha Al-Bahar, Deputy Group Chief Executive Officer of National Bank of Kuwait (NBK) affirmed the Group's commitment to maintaining excellence and fosterin
Kuwait Times
29/04/2025
Borouge today announced a series of strategic asset expansion projects to accelerate its growth, contributing annually between $165 million and $200 million (AED600 million - AED730 million) in EBITD
Trade Arabia
29/04/2025
Saudi developer Emaar, The Economic City has signed final agreements with four local banks to reschedule SR3.39 billion ($904 million) in existing debt and secure a new credit facility.
In a
Arab News
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