Sabic Clariant Governance Agreement

Shareholders must approve the change at a meeting scheduled for October 16. Clariant will divest the rest of the Plastics & Coatings business by 2020, it said in a statement. The partners agreed that SABIC would not take over Clariant, but could increase the 24.99% share it bought from activists in order to save Clariant from a hostile takeover threat, Clariant chief executive Hariolf Kottmann said at a press conference. Swiss chemical giant Clariant AG said on Thursday it had agreed to sell its masterbatches business to US-owned PolyOne Corp in a deal for $US 1.56 billion. SABIC Specialties Executive Vice President Ernesto Occhiello, 58, will take over as chief executive officer next month. Kottmann, who is 62 years old and has been CEO for 10 years, is now president. The two leaders will ensure the continuity and continuation of Clariant`s sustainable growth…