(Reuters) Saudi Basic Industries Corp (SABIC) has agreed to acquire a 24.99 percent stake in Swiss specialty chemicals maker Clariant AG , SABIC said on Thursday, becoming the Swiss company’s largest shareholder. SABIC did not say how much it paid for the deal, but Clariant’s 24.99 percent stake is worth $2.4 billion based on its market capitalisation. SABIC bought the stake from Corvex hedge fund and New York’s 40 North. Clariant AG recently abandoned merger plans with Huntsman.
Saudi’s SABIC Buys 24.99 Stake in Swiss Chemicals Maker Clariant
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