Clariant chairman Kottmann to exit, bowing to SABIC pressure By Reuters

ZURICH (Reuters) – Clariant Chairman Hariolf Kottmann said he would not stand for re-election to the group’s board of directors at the annual general meeting in April, bowing to pressure from biggest shareholder Saudi Basic Industries Corporation (SABIC).

The Swiss chemicals maker will instead propose to elect Guenter von Au as new chairman of the board and will also propose an ordinary dividend of 0.70 Swiss francs ($0.7852) per share, it said in a statement on Monday.

Clariant said that by agreeing to the agenda items, SABIC was withdrawing its own proposals submitted in December including for a special dividend distribution and time limit of 12 years for members of the board that will instead be anchored in the bylaws of the board.

($1 = 0.8915 Swiss francs)