Saudi Aramco completes SABIC acquisition

Published: 16 June 2020 - 8 a.m.
By: Carla Sertin

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.

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