Aramco Completes $69 Billion Sabic Takeover

Saudi state oil giant Aramco has finalized the purchase of a majority stake in petrochemicals major Sabic on the Saudi stock market, Reuters reported, buying over 2 billion shares in the company for a total of $69.1 billion. Aramco signed the deal to buy 70 percent in Sabic from the Public Investment Fund of Saudi Arabia in March 2019, for the equivalent of US$69.1 billion in Saudi riyals at the time. The acquisition was part of Aramco’s preparation for going public, which happened, after much anticipation, at the end of last year.…