UPDATE 1-Clariant, SABIC halt talks to form chemicals venture [Reuters]
CLARIANT AG UNSP/ADR (CLZNY)
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Source: Reuters
UPDATE 1-Clariant, SABIC halt talks to form chemicals venture - Reuters 2 Min Read (Adds details about results) ZURICH, July 25 (Reuters) - Swiss chemicals maker Clariant on Thursday posted a first-half loss, booked charges linked to a European probe and retreated from a planned venture with Saudi Basic Industries (SABIC) a day after saying its CEO quit. SABIC, which holds 25% of Clariant, and the Swiss company have been working to combine Clariant’s additives and specialty masterbatches businesses with parts of SABIC’s specialty chemicals operation. Clariant, whose Chief Executive Ernesto Occhiello left abruptly this week said the companies have decided to temporarily suspend negotiations. “Given the current market conditions, both parties have decided that temporarily suspending the negotiations is in the best interests of the respective shareholders of both companies,” Clariant said. Clariant’s first-half net loss was 101 million Swiss francs ($102.56 million), from a 211 million f
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