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Clariant Saga Ends with SABIC Becoming the Largest Shareholder

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Saudi Basic Industries Corporation (SABIC) is now Clariant AG’s largest shareholder after buying a 25% stake in the Swiss chemicals company from American activist investors David Winter and David Millstone of 40 North Latitude Master Fund Ltd. (17.58%), and Corvex Master Fund Ltd.’s Keith Meister (7.56%), for an estimated US$ 2.4 billion. The deal puts an end to a contentious relationship between Clariant and the White Tale investor group, which used its stake to sabotage a US$ 20 billion merger with the U.S.-based Huntsman Corporation and press for inclusion on its advisory board in October 2017. The proposed merger between Clariant and Huntsman was aimed to be an all-stock deal and some shareholder complaints circled around the lack of detail regarding meaningful synergies.

SABIC Comes in to Save the Day

Clariant appears to be safe from a hostile takeover for now, saying in a statement following the deal that it fully “intends to engage with SABIC over the coming weeks in order to discuss the new situation and explore possible ways to create value.” The Saudi chemical producer’s chief executive Yousef Abdullah Al-Benyan has similarly denied any intent to takeover or otherwise break up the company, noting that Clariant products are “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.”

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SWFI First Read, June 21, 2018

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PSP Investments Nears Deal on Azelis

PSP Investments and EQT Partners (through fund EQT VIII) are in exclusive talks to acquire Belgium-based Azelis S.A. from funds managed by Apax Partners. Formed in 2001, Azelis is a specialty chemicals and food ingredients distributor. The transaction is subject to regulatory approvals.

Oxford Properties Wins Rights on Barangaroo Office Development

Melbourne-based Grocon Pty Ltd selected Oxford Properties, the real estate unit of OMERS, as a preferred partner for it’s a A$ 2 billion, 5.2-hectare Barangaroo Central project development. This is an office tower development. Oxford Properties essentially won the rights toward the project (rumored at a price of A$ 100 million), freeing the developer from a high-cost finance deal with Maxcap, a lender.

Investment Management Corporation of Ontario Selects Jean Michel as CIO

The Investment Management Corporation of Ontario named Jean Michel as chief investment officer. This role is effective July 3, 2018. Michel was executive vice president, advisory services to depositors and strategic analysis, at Caisse de Depot et Placement du Quebec (CDPQ).

Wil Warren Named President of Lexington Partners

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Large Public Asset Owners Commit to Goodman Brazil Logistics Partnership

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Canada Pension Plan Investment Board (CPPIB) unveiled plans to commit 500 million BRL (C$ 175 million) in equity for a 20% interest in the newly established Goodman Brazil Logistics Partnership to invest in prime logistics and industrial assets in the key gateway cities of São Paulo and Rio de Janeiro. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mubadala Supports Two European Aquaculture Transactions

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Mubadala Investment Company is keen on growing exposure to agribusinesses whether in farming or aquaculture. With money from Mubadala and AMERRA Capital Management LLC, Andromeda Group acquired Nireus SA (at 74.34% stake) and Selonda SA at (79.62% stake), two European aquaculture companies that focus on sea bream and sea bass. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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