Saudi Arabia’s chemicals giant, SABIC bought a 25 per cent stake in Clariant, making it the largest shareholder in the Swiss specialty chemicals company.
The stake was previously held by White Tale and 40 North, Clariant said in a statement.
SABIC, the world’s fourth largest chemicals company did not say how much it paid, but the stake is worth around $2.4 billion based on market capitalisation.
Clariant said it was informed of SABIC's intention to acquire the shares prior to the transaction. SABIC is one of the major global chemical companies, with a significant specialty chemicals business and a partner of Clariant in the Catalyst joint venture Scientific Design.
Saudi Arabia has been leading a Gulf push into expanding and developing expertise in the downstream sector as the oil-dependent countries look to diversify beyond crude oil exports.
Clariant said it intends to engage with SABIC over the coming weeks in order to discuss the new situation and explore possible ways to create value.