Saudi Aramco has agreed to buy the 70% of state petchems-giant Sabic held by the PIF wealth fund for $69.1bn. In a 27 March announcement, Aramco said the acquisition would help align the “strengths and interests of two major global companies to enhance competitiveness and address fast growing petrochemicals [demand].”
The remaining 30% will remain publicly traded on the Saudi stock exchange, the Tadawul, and “Saudi Aramco has no plans to acquire these remaining shares.” The deal remains subject to regulatory approval, but this is just a technicality. (CONTINUED - 1033 WORDS)
