DUBAI (Business) – Saudi Aramco’s planned acquisition of 70% equity stake in SABIC from the Public Investment Fund (PIF) is on track to be completed in the second quarter.
The Aramco statement was made in response to a story mentioning that Aramco is looking for deal restructuring for a controlling stake in SABIC, after the target’s value fell over 40% following an oil price slump in the coronavirus pandemic.
“All necessary regulatory clearances have been obtained. An announcement will be made in due course.”
– Saudi Aramco Statement
(Photo syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field.