Saudi Aramco gets EU’s unconditional approval for $69 bln SABIC deal

29/02/2020 Argaam

 

Saudi Arabian Oil Co. (Saudi Aramco), the world’s largest oil producer, obtained an unconditional EU antitrust approval for its $69 billion bid for a 70% stake in petrochemicals group, Saudi Basic Industries Corp. (SABIC), according to an EU filing.

 

In March 2019, Aramco announced the deal in a key move towards its diversification into refining and petrochemicals.

 

The European Commission cleared the deal on Thursday, a filing on its site indicated. Reuters reported on Feb. 21 that the deal was heading for unconditional EU clearance.

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