Clariant's update on SABIC tie-up faces delays: report

25/07/2018 Argaam

 

Swiss specialty chemicals producer Clariant AG's update on its ties with Saudi Basic Industries (SABIC) has been delayed beyond September, as obtaining antitrust approvals is taking longer than expected, Reuters reported on Wednesday, citing CEO Hariolf Kottmann.

 

"The timing of the long-awaited strategy update, planned for early September, is now uncertain," he added.

 

SABIC bought a 25 percent stake in Clariant in January.

 

The Swiss company cannot start in-depth talks with SABIC over their future until regulators in countries, including Brazil and Mexico, clear SABIC's stake acquisition, the report added.

 

Clariant's first-half 2018 net income rose to 211 million Swiss francs ($212 million), up from 153 million francs a year ago. Sales rose 8 percent to 3.4 billion francs, from 3.1 billion francs in the same period in 2017.

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