Saudi Aramco buys 70% of SABIC for $69.1bln

The transaction was priced at $32.86 per SABIC share

  
The logo of Aramco is seen as security personnel walk before the start of a press conference by Aramco at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019.

The logo of Aramco is seen as security personnel walk before the start of a press conference by Aramco at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019.

REUTERS/Hamad I Mohammed

Saudi Arabia's oil giant Aramco bought 2.1 billion shares, or 70 percent, of Saudi Basic Industries Corp (SABIC) for 259 billion riyals ($69.1 billion) in four special transactions executed on Sunday, according to data on Tadawul.

The transaction was priced at 123.39 riyal ($32.86) per SABIC share.

Aramco signed a deal last year with Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), for a majority shareholding in the petrochemicals company.

The payment for SABIC, the world’s fourth-largest petrochemicals firm, will be funded in part by four bonds issued by Aramco to the PIF, reports indicated late last year.

(Writing by Seban Scaria, editing by Daniel Luiz)

seban.scaria@refinitiv.com

#Saudi #Aramco #SABIC #PIF #Markets

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