Saudi Basic Industries Corporation acquisition of 24.99% stake in Clariant

Overview:

• Saudi Basic Industries Corporation (Sabic) has acquired a 24.99% stake in Swiss chemicals producer Clariant from activist shareholder White Tale, which consists of Corvex Management and 40 North.
• The value of the shares was approximately SFr2.35 billion.
• Upon completion, Sabic will become the largest shareholder in Clariant.
• Sabic is 70% owned by Public Investment Fund, Saudi Arabia's sovereign wealth fund.

Jon Moore - Journalist