ZURICH (Reuters) – Swiss speciality chemicals maker Clariant <CLN.S> expects to raise 1 to 2 billion Swiss francs (1.5 billion pounds) from selling portions of its plastics and coatings business, Chief Executive Hariolf Kottmann said in an interview with the Tages-Anzeiger newspaper.
Clariant and 25 percent-shareholder Saudi Basic Industries Corp (SABIC) <2010.SE> are merging their high-performance materials businesses, a move that will include the sale of some plastics and coatings activities.
Kottmann, who is stepping down as CEO to become chairman of Clariant, said he is still convinced SABIC has no plans to take its stake to a majority. Some analysts have said they do not expect SABIC to be satisfied with merely a minority holding.
“There’s no contract that says SABIC cannot raise its stake, but there will not be a full takeover,” Kottmann told the Swiss newspaper in the interview published on Tuesday.
“Naturally those responsible can change their minds. If SABIC were to make a takeover offer for Clariant and the price were right, shareholders would be pleased,” he said.
(Reporting by John Miller, editing by John Revill)