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Joseph Al Bunyan, managing director of Saudi Basic Industries Corporation (SABIC), said Sunday, July 28, 2019 that his company was not interested in the acquisition of the Swiss chemical company Clarent and that its participation in 25% was a "long-term strategic investment".
Al-Bunyan said at a press conference that, when market conditions change, SABIC will hold a new round of negotiations on the joint venture with Clarent, which has been postponed to a later date.
Clarint announced on Thursday (July 25th) that the joint venture's negotiations with its largest shareholder, SABIC, had been suspended due to badet price divergences, which is yet another setback for the Swiss chemical industry, whose director abruptly resigned last week.
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