SABIC, the global third-largest diversified petrochemical company, has confirmed that it had obtained all approvals from competition authorities for acquiring 24.99% of Swiss Clariant's stake from 40 North Company and Corvex Management Company managing financial procedures for the acquisition to be completed on September 13.
The two companies - SABIC and Clariant - have worked together for long years as suppliers and customers and in line with SABIC's strategic objectives, the two companies are currently discussing ways to enhance their cooperation to benefit the parties involved in their businesses.
SABIC Vice Chairman of the Board of Directors, the Chief Executive Officer, Yousuf bin Abdullah Al-Bunyan said that after obtaining all approvals from the competition authorities, work will be done together to develop this strategic relationship for the benefit of parties related to the two companies.
He said that SABIC and Clariant have been able to benefit from their close business relationship for many years and this investment step is in line with SABIC's strategy of diversification, innovative customer solutions, and global leadership in the specialized product sector.