Clariant acquires Sued-Chemie
The Swiss company has agreed to take control of more than 95 per cent of its rival's shares.
Clariant has agreed a €2 billion (£1.68 billion) deal, subject to confirmation, to acquire Sued-Chemie after successful sales negotiations.
The speciality chemicals maker looks set to take control of more than 95 per cent of its German rival's outstanding shares.
And the Swiss business has signed a deal with the majority shareholders, which includes One Equity Partners (50.4 per cent).
Chief executive officer of Clariant Hariolf Kottmann said the company is "convinced" it is doing the right thing by purchasing its German rival.
He added: "It complements our portfolio with high growth businesses, less cyclicality and it provides Clariant access to new attractive market segments. Sud-Chemie will further drive our profitable growth forward in the coming years."
What's more, Mr Kottmann stated the planned deal will lead to opportunities for both companies.
If the purchase gets the green light it will add to the number of companies acquired by the Swiss business in the past, such as BTP in 2000.