Chemicals group Clariant suspends Saudi joint venture plans

Swiss chemicals company Clariant has suspended negotiations with its key Saudi shareholder over the creation of a joint venture, as it announced “challenging” first-half results a day after its chief executive abruptly quit. Clariant had been planning a combination with Saudi Basic Industries Corporation, its anchor shareholder, which would see the two groups create a joint venture to focus on higher value speciality chemicals. On Thursday, Clariant said the companies have decided to temporarily suspend negotiations.