Saudi Gazette - Sipchem $5 billion share-swap merger deal seen this year:
"Saudi Arabia’s Sahara Petrochemical and Saudi International Petrochemical Company (Sipchem) hope to complete a share-swap merger in the first half of 2014 that would create a firm valued around $5 billion, Reuters reported.
The duo said in bourse filings they had signed a memorandum of understanding relating to the merger and that due diligence had begun, although they cautioned that this was not an announcement of an intention to make an offer and that talks were still non-binding.
Talks about a possible merger have been ongoing since June.
Mergers between two listed Saudi entities are rare: consolidation in the Gulf is often scuppered by major shareholders who are unwilling to cede control of businesses except for very high price tags."
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