Sabic and Swiss chemicals company Clariant have reportedly deferred their plans to merge Sabic’s specialties business with Clariant.

The companies recently signed a memorandum of understanding to explore the possible merger. However, they have ‘reached a common understanding to temporarily defer these discussions due to current unfavourable market conditions’, according to a press release.

‘Sabic looks forward to continuing these discussions once conditions have improved as we remain committed to our strategic growth ambitions in the area of specialties,’ the company said. It currently holds a 24.99% stake in Clariant AG, making it the largest anchor shareholder.

This story uses material from Sabic, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.