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New Delhi : The Competition Commission of India (CCI) on September 2, 2020, approved incremental acquisition by SABIC International Holdings B.V. (SABIC BV) in Clariant AG under Section 31(1) of the Competition Act, 2002.
The Proposed Combination relates to an incremental acquisition of 6.51% shareholding in Clariant AG by SABIC BV (a wholly owned affiliate of Saudi Basic Industries Corporation (SABIC)) (Proposed Combination).
SABIC is a listed joint stock company established by Royal Decree of the Kingdom of Saudi Arabia. SABIC is listed on the Saudi Stock Exchange and has operations in over 50 countries. SABIC BV is the holding company of SABIC’s international operations including SABIC’s investments in the specialties sector. The four product segments in which SABIC is mainly active are petrochemicals, agri-nutrients, metals, and specialties materials, according to a PIB release.
Clariant AG is a Swiss chemicals company headquartered in Muttenz and is listed on the Swiss Exchange. It is active in the production and worldwide distribution of specialty chemicals. Clariant supplies its products to a variety of downstream sectors including personal care, oil and mining, crop solutions, and industrial applications. The approval of the CCI is without prejudice to the proceedings under Section 43A of the Act.