ZURICH (Reuters) – Saudi Basic Industries Corp <2010.SE> won approvals to complete its purchase of 24.99 percent of Clariant <CLN.S>, the Swiss speciality chemicals maker said on Monday, clearing the way for the two companies to intensify their cooperation.
Delays in approvals from authorities in countries including Mexico and Brasil had forced Clariant to push back a strategic update on its tie-up with the Saudi company, known as SABIC. With those now completed, Clariant said it will provide an update on future collaboration “in due course”.
SABIC bought its nearly quarter stake in January from activist investors who had previously scuttled Muttenz-based Clariant’s planned merger with U.S.-based Huntsman Corp. <HUN.N>
(Reporting by John Miller; Editing by Sunil Nair)