EU antitrust regulators to decide on $69 bln Aramco-SABIC deal by Feb. 27

28/01/2020 Argaam

 

The European Union (EU) antitrust regulators will decide by Feb. 27 whether to clear Saudi Aramco’s $69.1 billion (SAR 259.1 billion) acquisition of Saudi Basic Industries Corp (SABIC), Al Arabiya TV reported, citing a European Commission filing.

 

The Commission can approve the deal with or without the conditions during this preliminary review, or it can open a full-scale investigation of up to 5 months if it has serious concerns with regards to competition.

 

According to data compiled by Argaam, Saudi Aramco, the world’s largest oil producer, signed a deal to buy a 70% stake in SABIC from the Public Investment Fund (PIF) in March last year.

 

The competition authorities from India and a number of other countries approved the deal without demanding concessions.

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