Saudi SABIC lifts Swiss chemicals maker Clariant stake

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

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

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.