Saudi Basic Industries Corporation, a Saudi diversified manufacturing company, active in petrochemicals, chemicals, industrial polymers, fertilizers, and metals, acquired a 24.99% stake in Clariant, a Swiss speciality chemicals company, for $2.5bn. Yousef Al-Benyan, Vice Chairman and CEO, said, "This acquisition is part of SABIC's long-term growth strategy to remain committed to product differentiation and creating value for its customers. Clariant AG is complementary to SABIC's existing specialties business and is well in line with SABIC's strategy of opening up new growth opportunities in specialty chemicals."