Arnd Wiegmann/Reuters
The guessing game as to which one has started, said Baader Helvea analyst Markus Mayer, with the news sparking a nearly 4 per cent decline in the stock as Clariant shareholders grapple with a fresh round of turmoil.“We regret the resignation of Ernesto Occhiello as he had a good reputation in the chemical industry and started several important transformation steps at Clariant,” Mayer wrote in a note to investors.Occhiello was not available through the company for immediate comment.
The JV, to be Clariant-controlled, would involve a still-undisclosed one-off payment to SABIC likely to top US$1-billion.
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