Riyadh – Saudi Aramco has signed a share purchase agreement to acquire 70% majority stake in Saudi petrochemicals and chemicals company Sabic for $69.1 billion (€61.3 billion).
The shares are being purchased from the Public Investment Fund of Saudi Arabia in a private transaction, Saudi Aramco said in a 27 March statement.
Aramco does not intend to purchase the remaining 30% publicly traded shares in Sabic in the future, according to its statement.
The transaction is subject to certain closing conditions, including regulatory approvals.
Headquartered in Riyadh, Sabic reported…