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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