Saudi Aramco completes SABIC acquisition
The national oil company purchased 2.1 billion shares of SABIC
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.