Homburger advised Clariant AG on its entry into a Governance Agreement with Sabic regarding future governance principles of Clariant AG
On September 17, 2018, Clariant AG (Clariant) and Saudi Basic Industries Corporation (Sabic) entered into a Governance Agreement defining the principles of Clariant’s future governance. Sabic has recently completed the purchase of a 24,99 % stake in Clariant. The agreement underlines the long-term commitment of Sabic as strategic anchor shareholder and confirms Clariant’s independence as a publicly listed company under Swiss governance.
At the Extraordinary General Meeting scheduled for October 16, 2018, it will be proposed to expand the Clariant Board of Directors to 12 members, of which four Board members are to be nominated by Sabic. Furthermore, it will be proposed that Hariolf Kottmann will become the new Chairman of the Board. Sabic’s Specialties Executive Vice President Ernesto Occhiello will serve as Clariant’s new CEO effective as of October 16, 2018.
Homburger acted as legal advisor to Clariant in connection with all corporate matters and its entry into the Governance Agreement. The Homburger team was led by partner Frank Gerhard and included associates Marc Hanslin, Andreas Müller and Nicola Togni (all Corporate / M&A), partner Marcel Dietrich, counsel Andreas Burger as well as associates Richard Stäuber and Allegra Schär (all Competition / Regulatory), partner Reto Heuberger and associate Marc Vogelsang (all Tax).