Saudi Aramco, the world’s largest oil producer, is set to gain unconditional EU antitrust approval for its acquisition of a 70% stake in Saudi Basic Industries Corp (SABIC), Reuters reported, citing unnamed sources familiar with the matter.
In March 2019, Saudi Aramco signed a deal to acquire the Public Investment Fund’s (PIF) stake in the petrochemical producer for SAR 259.1 billion ($69 billion), Argaam reported.
The European Union (EU) antitrust regulators had earlier said it will decide by Feb. 27 whether to clear Saudi Aramco’s acquisition of SABIC.
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.
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