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Clariant’s governance agreement with Sabic to expire; speculation on takeover

Clariant’s governance agreement with Sabic to expire; speculation on takeover

Swiss chemical firm Clariant and its main shareholder Sabic are to end a "governance agreement" defining their relationship, triggering speculation that Sabic could launch a takeover bid for Clariant.

With this announcement, rumours are circulating in Swiss media surrounding Clariant and Sabic ranging from a complete takeover by the Sabic to a sale of its Clariant stake, according to Reuters.

Both parties entered into the agreement on 17 September 2018 when Sabic became Clariant’s anchor shareholder and confirmed Clariant's independence as a publicly listed company under Swiss corporate governance.

As a result of the expiry of the agreement after the AGM 2022, Clariant and Sabic will no longer form a group regarding the attribution of voting rights and regulatory requirements pursuant to article 120 of the Financial Market Infrastructure Act (FinMIA), said Clariant.

“The Board will continue to drive Clariant’s purpose-led strategy together with the Executive Management Team, with a focus on customer, innovation, sustainability, and people to deliver our 2025 profitable growth targets for the benefit of all stakeholders. We are confident on Sabic’s support in the spirit built over the years,” said Günter von Au, Clariant’s Chairman of the Board of Directors.

Sabic now holds a 31.5% stake in Clariant, according to Refinitiv data, just short of the 33.33% level where it would have to make a offer for the rest of the company under Swiss takeover rules.

Clariant says it has a focused specialty chemicals portfolio, with an ambition to a top quartile specialty chemicals performance, underpinned by 2025 financial targets of compound annual sales growth of 4-6%, Group EBITDA margin of 19-21%; and free cash flow conversion of around 40%.


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