SABIC CEO says no interest in taking over Swiss chemicals firm Clariant

Saudi's SABIC CEO Yousef al-Benyan attends the Saudi-India Forum in New Delhi, India, February 20, 2018. REUTERS/Anushree Fadnavis/File Photo

Saudi Basic Industries Corp has no interest in taking over Swiss chemicals firm Clariant and considers its 25% stake in the company as “a long term strategic investment,” said its chief executive Yousef al-Benyan on Sunday.

He told a news conference that once market conditions change, SABIC will have another round of talks about the joint venture with Clariant, which the two companies shelved.

Clariant said on Thursday that joint venture talks with top shareholder SABIC had been shelved due to differences over asset prices, a further setback for the Swiss chemicals maker whose CEO abruptly quit last week.

Reuters   

Singapore Reporter/s

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.