According to Reuters, SABIC, the largest shareholder in Clariant, said the increase is part of SABIC's strategy to boost the growth of the specialty products sector to be a leader in this field.
The company’s decision to raise its stake comes after it recorded provisions for impairment of 1.5 billion riyals ($ 400 million) on its investment in Clariant in the third quarter.
SABIC's stake is just under the third of the one needed to submit an offer to acquire the entire Clarion, but the Swiss company has said it does not expect the Saudi chemical giant to seek the acquisition.
Sabic said earlier that it was not interested in acquiring Clariant after the Motnts-based company suspended a joint venture plan in July last year.
