#Saudi Aramco completes $69 billion SABIC stake deal, extends schedule - Reuters

Saudi Aramco completes $69 billion SABIC stake deal, extends schedule - Reuters:

Saudi Aramco (2222.SE) has completed its purchase of a 70% stake in petrochemicals company Saudi Basic Industries (SABIC) (2010.SE) for $69.1 billion and extended the payment period by three years to 2028, providing a cushion against weak oil prices. 

The deal values SABIC at 123.39 riyals per share, 27% above the company’s share price of 89.90 riyals, as the coronavirus outbreak has hurt demand for petrochemicals products and lowered SABIC’s share price. 


“It is a significant leap forward, which accelerates Aramco’s downstream strategy and transforms our company into one of the major global petrochemicals players,” Aramco CEO Amin Nasser said in a statement.

SABIC is the world’s fourth-biggest petrochemicals company.