Monday 5 June 2017

Lawyers warn Saudi Aramco of New York IPO litigation risks

Lawyers warn Saudi Aramco of New York IPO litigation risks:

"Saudi Arabia is nearing a long-awaited decision on the main international stock exchange for the initial public offering of its state energy company, with lawyers advising the kingdom that a New York listing poses the greatest litigation risk of any jurisdiction.

White & Case, Saudi Aramco’s legal firm on the float, and others offering informal counsel have in recent weeks briefed top oil executives and the kingdom’s highest authorities, emphasising the US’s litigious culture, four people familiar with the matter have said.

The advice comes as a trade body representing the UK’s largest asset managers with £5.7tn in assets warned that no exceptions should be made to current rules requiring new “premium” London listings to float 25 per cent of their shares to gain inclusion into the FTSE indices. The Saudi government plans to sell less than 5 per cent of the company’s equity in a listing."



'via Blog this'

No comments:

Post a Comment