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MarketScreener Homepage  >  Equities  >  SAUDI ARABIA STOCK EXCHANGE  >  Saudi Basic Industries Corporation SJSC    2010   SA0007879121

SAUDI BASIC INDUSTRIES CORPORATION SJSC

(2010)
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Clariant says nod for SABIC stake buy clears way for strategic update

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09/10/2018 | 02:22am EDT
Logo of Swiss specialty chemicals company Clariant is seen in Pratteln

ZURICH (Reuters) - Saudi Basic Industries Corp has won regulatory approvals to complete its purchase of 24.99 percent of Clariant, the Swiss speciality chemicals maker said on Monday, clearing the way for the two companies to intensify cooperation.

Delays in approvals from authorities in countries including Mexico and Brazil had forced Clariant to push back a strategic update on its tie-up with the Saudi company, known as SABIC. With those now completed, Clariant will provide an update on future collaboration "in due course".

SABIC bought the stake in January from activist investors who had scuttled Muttenz-based Clariant's planned merger with U.S.-based Huntsman Corp. It is now the biggest Clariant shareholder, ahead of a family group from Germany that holds about 14 percent.

While the Saudi company has said it has no plans to take a majority holding, the move has prompted speculation over whether it will seek to assert more control over the Swiss maker of ingredients for soaps, fire retardant and other chemicals.

"With SABIC receiving all the regulatory approvals and the transaction set to be completed, we look forward to further developing the strategic relationship between both companies in order to generate value for all stakeholders," Clariant Chief Executive Hariolf Kottmann said in a statement.

SABIC has long been a customer of Clariant, and the two companies have a plant design joint venture called Scientific Design.

Its move to buy a big stake in the Swiss company comes as Middle Eastern energy players expand into more advanced downstream chemicals operations like the catalysts that the Swiss company produces to help speed up processes at chemicals plants.

(Reporting by John Miller; Editing by Sunil Nair and Kirsten Donovan)

Stocks mentioned in the article
ChangeLast1st jan.
CLARIANT LTD 0.42% 19.27 Delayed Quote.6.08%
EURO / BRAZILIAN REAL (EUR/BRL) 0.10% 4.205 Delayed Quote.-5.66%
HUNTSMAN CORPORATION 1.47% 20.73 Delayed Quote.7.47%
SAUDI BASIC INDUSTRIES CORPORATION SJSC End-of-day quote.
VALUE8 2.51% 5.72 Delayed Quote.20.68%
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Financials (SAR)
Sales 2019 160 B
EBIT 2019 31 833 M
Net income 2019 20 192 M
Finance 2019 5 734 M
Yield 2019 4,01%
P/E ratio 2019 19,3x
P/E ratio 2020 17,5x
EV / Sales2019 2,10x
EV / Sales2020 2,05x
Capitalization 343 B
Chart SAUDI BASIC INDUSTRIES CORPORATION SJSC
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Saudi Basic Industries Corporation SJSC Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 10
Average target price 117,25  SAR
Last Close Price 114,20  SAR
Spread / Highest target 10,3%
Spread / Average Target 2,67%
Spread / Lowest Target -16,8%
EPS Revisions
Managers
NameTitle
Yousef bin Abdullah Al-Benyan Vice Chairman & Chief Executive Officer
Abdulaziz bin Saleh M. Al-Jarbou Chairman
Khalid Al-Garni Executive Vice President-Finance
Abdullah Mohammed bin Ibrahim Al-Issa Independent Director
Khaled Hamza Nahas Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
SAUDI BASIC INDUSTRIES CORPORATION SJSC91 345
AIR LIQUIDE12.40%58 202
AIR LIQUIDE SA (ADR)--.--%58 202
SHIN-ETSU CHEMICAL CO LTD21.27%38 543
LYONDELLBASELL INDUSTRIES3.32%28 799
WANHUA CHEMICAL GROUP45.80%18 494