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SAUDI ARABIA (Reuters) – Saudi Aramco has signed a share purchase agreement to acquire 70% of Saudi Basic Industries Corp (Sabic) for 259.125 billion riyals ($ 69.1 billion) at the price SR 123.39 per share, Saudi Aramco announced Wednesday.
Aramco confirmed that it did not intend to acquire a 30% stake, noting that the completion of the acquisition would be subject to certain closing conditions, including regulatory approvals.
SABIC, which employs 33,000 people in more than 50 countries, posted net income of $ 5.7 billion, annual sales of $ 45 billion and total assets of $ 85 billion.
#Saudi Aramco Acquires a 70% stake in # SABIC, Saudi Basic Industries Corporation (SABIC), creating new opportunities in the fast-growing petrochemical sector pic.twitter.com/bFlv09qDnv
– Aramco Aramco (@Saudi_Aramco) March 27, 2019
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