ZURICH: Swiss speciality chemicals maker Clariant is selling up to 23 million new shares, to partially fund its 1.4 billion euro ($2billion) acquisition of German group Sued-Chemie.

The new shares will be offered to new and existing investors as part of a planned 1.1 billion Swiss franc ($1.2 billion) capital increase, with the offer price expected to be set on April 18 following book-building.

Morgan Stanley is acting as sole global coordinator.

Credit Suisse and Morgan Stanley are acting as joint book-runners of the rights issue and international offering, with BNP, Citibank, Commerzbank, SEB and Unicredit acting as joint lead managers.

Clariant also said on Thursday it had seen steady demand so far this year.

Its shares closed at 17.05 francs on Wednesday.

"Overall, the beginning of 2011 was marked by a stable demand and growth in local currency terms and an improved profitability in line with Clariant's 2011 guidance," chief executive Hariolf Kottmann said.