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Arab Network
Saudi Basic Industries Corporation (SABIC) has announced the conclusion of an agreement with the Swiss company Clarent to temporarily suspend negotiations on the merger of SABIC and its products.
SABIC said in a statement on Tadawul that the negotiations had been postponed, given the current market conditions that SABIC seeks to improve.
SABIC, which owns 25% of Clarent, and the Swiss company, are striving to integrate Clarent's specialty additives and colorants into part of its specialty chemicals business.
Clarinet 's net loss for the first half of the year was 101 million Swiss francs (102.56 million US dollars), compared to 211 million francs for the same period last year. Sales stagnated at 2.2 billion francs.
Clarent said the results were affected by the provision of 231 million francs for clarinet against an ongoing investigation by the European Commission on competition law.
"It must be recognized that the first half of 2019 was difficult, especially in the second quarter, which was also affected by temporary negative effects and non-recurring events," said Harilov-Kutman.
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