Exclusive: Saudi Aramco in talks with banks to borrow about $10 billion - sources - Reuters:
Saudi Aramco, the world’s largest oil producer, is in early talks with banks for a loan of about $10 billion to help finance its acquisition of a 70% stake in Saudi Basic Industries Corp (SABIC), according to three banking sources.
Aramco (2222.SE) agreed last year to buy the controlling stake in SABIC from the kingdom’s wealth fund for $69.1 billion, sealing one of the biggest-ever deals in the global chemical industry.
“The financing would be for the SABIC deal, but the borrower is Aramco,” said one of the sources, adding that the discussions were at an initial stage, with the company sounding out banks.
“Ten billion dollars is where they want to get to, (it’s) not clear if, in this market, they’ll manage to reach that.”
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