Saudi state petchems giant Sabic on 3 March announced that it has increased its stake in Swiss specialty chemicals firm Clariant to 31.5%.
Sabic paid $2.5bn for a 24.99% leading stake in Clariant in September 2018 (MEES, 21 September 2018). But the move proved far from a success, with Sabic writing down $400mn on the deal in its Q3 2019 results (MEES, 1 November 2019). (CONTINUED - 150 WORDS)