Saudi Aramco buys 70% of SABIC for $69.1bln
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.
