Sipchem-Sahara $5.8 Billion Merger on Hold as Structure Elusive - Bloomberg:
"Saudi International Petrochemical Co. (SIPCHEM) and Sahara Petrochemicals Co. put on hold a planned merger that would have created a Saudi Arabian chemicals company with about $5.8 billion in market value. Their shares declined.
The companies said it would be difficult to proceed with the merger using a structure acceptable to both sides under the current regulatory framework, according to a statement yesterday. Saudi International Petrochemical, known as Sipchem, and Sahara may revive talks in the future, they said.
The proposed deal was a rare sign of merger and acquisition activity in the kingdom that has fallen 83 percent this year, according to data compiled by Bloomberg. Saudi Basic Industries Corp., the world’s biggest petrochemicals maker by market value, said in July it was seeking investment opportunities in the U.S. as sales in Europe and China slow."
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