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Saudi Arabia: Private sector petrochemicals merger moves ahead
Local petrochemicals firms Sipchem and Sahara Petrochemicals entered into a legally binding merger agreement on 5 December. The two firms had previously signed a non-binding memorandum of understanding in early October. The deal will be conducted by Sipchem acquiring all of the issued shares in Sahara in exchange for the issue of new shares. It will leave both sides with 50% of the enlarged company.
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