SABIC and Clariant suspended talks on their high-performance plastics venture a day after the Swiss company’s CEO Ernesto Occhiello unexpectedly quit.
Sunday 28, July 2019
The Chief Executive Officer of SABIC said that the company has no interest in taking over Clariant after the petrochemicals makers last week halted talks on their high-performance plastics venture, reported Bloomberg.
Yousef Abdullah Al Benyan, the Chief Executive Officer of SABIC, said, “Our investment in Clariant is a strategic investment, we are going to continue to look at this investment as a growth opportunity.”
Last year, SABIC acquired around 25 per cent stake in the Swiss chemicals specialist.
“We have no interest in a full takeover if that is your question, but we have an interest to grow our share and make sure that we can really bring positive growth and return on investment for SABIC and Clariant shareholders,” Al Benyan said.
The Kingdom’s petrochemicals maker cited unfavourable market conditions for halting talks and said it’s looking forward to continuing the discussions once conditions improve.
The biggest petrochemicals maker in the Middle East reported a 68 per cent decrease in Q2 2019 profit as demand for chemicals and plastics declined.