The Competition Commission of India (CCI) has approved an incremental acquisition of 6.51% shareholding in ClariantAGunder(ClariantAG) by SABIC International Holdings B.V.(SABIC BV), a wholly owned affiliate of Saudi Basic Industries Corporation-SABIC under section 31(1) of the Competition Act, 2002.
- CCI’s approval is without bias to the proceedings under Section 43A of the act.
Benefits of the Acquisition
i.It will help ClariantAG to open up new growth opportunities in specialty chemicals.
ii.For SABIC, it proves to be an attractive investment opportunity.
SABIC is a listed joint stock company on the Saudi Stock Exchange and has operations in more than 50 countries. It is established by Royal Decree of the Kingdom of Saudi Arabia.SABIC BV is the holding arm of SABIC’s international operations including its investments in the specialty sector.
i.It is mainly active in 4 product segments are, petrochemicals, agri-nutrients, metals, and specialties materials.
ClariantAG is a Swiss Company. It produces specialty chemicals and distributes to many sectors including personal care, oil and mining, crop solutions and industrial applications across the world.
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ii.Competition Commission of India (CCI), a statutory body of the Government of India (GoI), has given its nod to the proposed merger between French car maker Peugeot S.A (PSA) and London headquartered Fiat Chrysler Automobiles N.V (FCA).
HeadQuarters– Muttenz, Switzerland
Vice-chairman non-executive member of the board of directors– Abdullah Mohammed Alissa
About SABIC BV
HeadQuarters– Riyadh, Saudi Arabia
Chairman– Khalid Hashim Al-Dabbagh