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Saudi Aramco says acquisition of SABIC stake on track to close in second quarter

Published 12/05/2020, 06:50
Updated 12/05/2020, 06:55
© Reuters. Logo of Aramco is seen as security personnel stand before the start of a press conference by Aramco at the Plaza Conference Center in Dhahran

DUBAI (Reuters) - Saudi Aramco (SE:2222) said on Tuesday its planned acquisition of a 70% equity stake in petrochemical maker SABIC (SE:2010) from the Public Investment Fund (PIF), the kingdom's wealth fund, is on track to close in the second quarter.

The statement by the state oil giant was made in response to a Reuters story published on Sunday saying that Aramco is looking to restructure its deal for a controlling stake in SABIC after the target's value dropped more than 40% following an oil price slump in the coronavirus pandemic, according to two sources.

"All necessary regulatory clearances have been obtained. An announcement will be made in due course," Aramco said in a statement sent to Reuters.

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