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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 | 08:22am CEST
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 0.31% 25.98 Delayed Quote.-4.88%
HUNTSMAN CORPORATION -0.43% 28.09 Delayed Quote.-15.62%
SAUDI BASIC INDUSTRIES CORPORATION SJSC --End-of-day quote.
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Financials (SAR)
Sales 2018 171 B
EBIT 2018 38 420 M
Net income 2018 21 904 M
Finance 2018 8 320 M
Yield 2018 3,83%
P/E ratio 2018 14,83
P/E ratio 2019 14,62
EV / Sales 2018 2,15x
EV / Sales 2019 2,04x
Capitalization 377 B
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 125  SAR
Spread / Average Target -0,91%
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 SJSC100 651
AIR LIQUIDE4.62%55 398
PRAXAIR7.64%47 162
LYONDELLBASELL INDUSTRIES-5.00%40 626
SHIN-ETSU CHEMICAL CO LTD-15.91%36 903
GIVAUDAN5.24%22 643