MIDEAST DEBT-Saudi Aramco may borrow up to $50 bln from banks for SABIC -sources | Reuters:
National oil giant Saudi Aramco could borrow as much as $50 billion from international banks to fund its acquisition of a stake in Saudi Arabian Basic Industries Corp, banking sources familiar with the matter said.
Over the past several weeks, bankers have met with Aramco to present proposals for financing the purchase of a major stake in the world’s fourth-biggest petrochemicals producer, which has a stock market value of about $100 billion.
The deal is expected to involve the purchase of all or nearly all of the 70 percent stake in SABIC held by the Public Investment Fund (PIF), the kingdom’s top sovereign wealth fund. That implies a deal value of roughly $70 billion, though talks on the acquisition price are still at an early stage.
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