PIB News Update: The Competition Commission of India (CCI) approves incremental acquisition by SABIC International Holdings B.V. (SABIC BV) in ClariantAGunder Section 31(1) of the Competition Act, 2002, on 2nd September 2020.
The Proposed Combination relates to an incremental acquisition of 6.51% shareholding in ClariantAG 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.
ClariantAG 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.
A detailed order of the CCI will follow.