March 3, 2020 / 5:55 PM / a month ago

Saudi SABIC lifts Swiss chemicals maker Clariant stake

March 3 (Reuters) - Chemical giant Saudi Basic Industries Corporation (SABIC) said on Tuesday that it had raised its stake in Swiss chemicals maker Clariant to 31.5% from 25%.

SABIC, which is Clariant’s largest shareholder, said the increase was part of its strategy to achieve a leadership position in the Specialties business.

The company’s decision to hike its stake comes after it took an impairment charge of 1.5 billion riyals ($400 million) on its investment in Clariant in its third quarter.

SABIC is just shy of the one-third stake that would require it to make an offer for all of Clariant, but Clariant said it did not expect the Saudi chemical giant to seek a takeover.

SABIC had previously said it had no interest in taking Clariant over after the Muttenz-based company shelved a joint venture plan in July last year. ($1 = 3.7517 riyals) (Reporting by Samantha Machado in Bengaluru; Editing by Alexander Smith)

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