Aramco confirms securing unconditional EU approval for $69 billion SABIC deal

01/03/2020 Argaam

 

Saudi Arabian Oil Co. (Saudi Aramco) confirmed securing an unconditional EU antitrust approval for its $69 billion bid for a 70% stake in Saudi Basic Industries Corp (SABIC), according to a bourse statement on Sunday.

 

An EU filing made the announcement yesterday on Feb. 29.

 

Read more: Saudi Aramco gets EU’s unconditional approval for $69 bln SABIC deal

 

The statement added that the potential acquisition deal is unconditionally approved in all the countries where pre-notification antitrust filings are required.

 

Closing the potential deal is still subject to the terms mentioned in the share purchase agreement.

 

In March, State oil giant Saudi Aramco signed a share purchase agreement to acquire a 70 percent majority stake in SABIC from the Public Investment Fund (PIF), Argaam reported.

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