Clariant AG agreed to sell three businesses to SK Capital Partners for 502 million Swiss francs ($550 million) as the chemical maker divests assets a year before its own deadline to concentrate on more profitable units.
Thomas O’Malley made two fortunes buying U.S. oil refineries at rock-bottom prices and selling when the economy rebounded. On the third try, in Europe, the 70- year-old ex-Salomon Brothers Inc. oil trader got it wrong.
Clariant AG, which acquired catalyst- maker Sued-Chemie for $2.7 billion last year, said its full-year goals remain achievable, even while unprofitable textile- and paper-chemical businesses are still part of the company.
Transocean Ltd., the world’s biggest operator of offshore drilling rigs, fell the most in two months in Zurich trading after saying it won’t recommend a dividend payment at its 2012 annual shareholder meeting.