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02 March 2020
INVESTMENT

Saudi Aramco receives unconditional EU approval for $69 billion SABIC deal

Saudi Aramco announced the deal in March 2019, as part of the oil producer's efforts to diversify into the downstream business and generate more revenue from the sale of products

The closing of the deal is subject to the remaining customary closing conditions contained in the share purchase agreement.

by Kudakwashe Muzoriwa

Saudi Aramco has received unconditional clearance from the European Commission for its $69 billion bid for a 70 per cent stake in SABIC from the Public Investment Fund of Saudi Arabia (PIF).

In a bourse filing, Saudi Aramco stated that with the European Commission approval, the proposed acquisition has now received unconditional clearance in all jurisdictions in which pre-notification antitrust filings are required.

The state-owned oil giant said that the closing of the deal is subject to the remaining customary closing conditions contained in the share purchase agreement.

SABIC, the Kingdom’s largest non-oil industrial company, has four main business units focusing on petrochemicals, specialities, agri-nutrients and metals.

 


RELATED STORIES: Public Investment Fund SABIC Saudi Aramco

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