Bankers weigh giant Saudi Aramco-Sabic debt financing | ZAWYA MENA Edition:
Bankers are discussing a potential jumbo financing of up to US$70bn to back oil giant Saudi Aramco’s acquisition of a majority stake in Saudi Arabia Basic Industries Corp (Sabic).
Aramco is aiming to buy a controlling stake in petrochemical outfit Sabic, and could buy all of the 70% stake owned by the Public Investment Fund, Saudi Arabia's top sovereign wealth fund.
Riyadh-listed Sabic, the world's fourth-biggest petrochemicals company, has a market capitalisation of SR385.2bn (US$103bn) and a 70% stake would cost roughly US$70bn.
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