RIYADH, Saudi Arabia—Saudi chemicals company Sabic has acquired a 24.99 percent stake in Clariant International Ltd., the Swiss chemical company said Jan. 25.
The stake, previously held by U.S.-based investment groups White Tale Holdings and 40 North, makes Sabic the largest Clariant shareholder.
White Tale, the investment vehicle of hedge fund manager Keith Meister and New York City-based fund 40 North, was one of the key shareholders opposing the $20 billion merger of Muttenz-based Clariant with U.S.-headquartered Huntsman Corp. last year. That merger was scrapped in October.
Sabic is one of the major global chemical companies, with a significant specialty chemicals business and is a partner of Clariant in the joint venture Scientific Design.
Clariant said it intended to engage with Sabic over the coming weeks in order to discuss the new situation and explore possible ways to create value.
For 2016, Clariant employed 17,442 globally. For the 2016 financial year, it recorded sales of $6.2 billion or its continuing businesses.