Saudi Aramco to buy SABIC in $69 billion chemicals megadeal | Reuters:
The world’s largest oil producer Saudi Aramco has agreed to buy a 70 percent stake in Saudi Basic Industries Corp (SABIC) from the kingdom’s wealth fund for $69.1 billion in one of the biggest deals in the global chemical industry.
The agreement to help boost Aramco’s downstream growth plans comes after months of talks between Aramco and the Public Investment Fund (PIF), which contributed to the delay of Aramco’s planned multi-billion dollar initial public offering.
“This is a win-win-win transaction and a transformational deal for three of Saudi Arabia’s most important economic entities,” said Yasir al-Rumayyan, managing director of the PIF.
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