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Clarent's Managing Director, Harolve Cotman, said that the announcement of an update of its relationship with Saudi Basic Industries Corporation (SABIC) could be delayed as obtaining approvals antitrust for the acquisition of SABIC takes longer than expected.
Cotman told Reuters on Wednesday after the Swiss specialty chemicals company announced the results of the first half of 2018 that the timing of the announcement of its strategy update was uncertain after a long wait. It was to be published in early September.
SABIC, which operates in the chemicals sector, bought 25% of Clarent in January, ending a dispute between the Swiss company and active investors that ended its planned merger with Huntsman.
Clarient has confirmed its sales and earnings targets for 2018, but analysts said investors would likely be more interested in hearing details about how Clarent plans to tap into the partnership with its largest shareholder SABIC.
Clarent shares fell 2.8%.
The Swiss company can not enter into in-depth discussions with SABIC on its future until it has not obtained regulatory approval in countries like Brazil and Mexico for the first time. acquisition by SABIC of its interest in Clarent.
Sources told Reuters that the Saudi company was planning to increase its holdings, although SABIC said in January that it did not intend to ask for a takeover. complete control.
Analysts say Clarent remains the target of the acquisition.
Marcos Meyer of Padre Helvia said: "Clarent is the largest candidate for acquisition in the sector."
Clarent's net profit in the first half of the year was 211 million Swiss francs ($ 212 million), up from 153 million a year earlier
Sales rose 8% to 3 million 4 billion francs. Slightly higher than the average forecast of analysts in a Reuters poll.
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