Competition Comm clears SABIC's incremental stake acquisition in Clariant AG

The Competition Commission of India (CCI) on Wednesday said it has approved the proposed incremental acquisition of 6.51 per cent stake in Swiss chemicals company Clariant AG by SABIC International Holdings B V.

The Competition Commission of India (CCI) on Wednesday said it has approved the proposed incremental acquisition of 6.51 per cent stake in Swiss chemicals company Clariant AG by SABIC International Holdings B V. The combination relates to an incremental acquisition of non-controlling shareholding in Clariant by Saudi Basic Industries Corporation (SABIC) through SABIC BV, as per the combination notice filed with the regulator.

"Commission approves an incremental acquisition of 6.51% shareholding in Clariant AG @clariant by SABIC International Holdings B.V. @SABIC," the regulator said in a tweet. As per the notice, the transaction is addressed at opening up new growth opportunities in specialty chemicals and is an attractive investment opportunity for SABIC.

SABIC B V is a wholly-owned affiliate of SABIC and is the holding company for SABIC's international operations. SABIC is mainly active in petrochemicals, agri-nutrients, metals, and specialties materials segments. Clariant is into production and distribution of specialty chemicals.