Saudi Aramco has completed its acquisition of Saudi chemicals giant SABIC, Reuters reported. The national oil company purchased 2.1 billion shares (70%) of SABIC on Sunday, completing the deal.
Tadawul data showed four transactions for SABIC shares worth $69.1 billion, but did not name the buyer. Reuters' sources confirmed that the transactions were part of the SABIC/Aramco deal.
Saudi Aramco purchased the shares from the Saudi Public Investment Fund (PIF), providing an influx of cash for Crown Prince Mohamed bin Salman's economic diversification programme.