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Saudi Arabia: PIF deals clear the way for Aramco’s Sabic takeover

In final steps towards Saudi Arabian Oil Company (Aramco acquiring a 70% stake in the petrochemicals giant, an extraordinary shareholders’ meeting on 10 June approved changes to Saudi Basic Industries (Sabic)’s bylaws, while Aramco bought up shares via the Saudi Stock Exchange (Tadawul).The eventual price the Public Investment Fund would obtain for Sabic – which will go into PIF coffers for further purchases – had been expected to be lower than the $69.1bn originally stated, reflecting the collapse of oil and Sabic share prices since the deal was agreed last year.

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