Aramco mulls Sabic stake purchase amid oil giant's IPO plans
Saudi Aramco may buy shares in chemical producer Saudi Basic Industries Corp. from the country’s sovereign wealth fund as the world’s biggest crude oil exporter expands its business ahead of a planned initial public offering.
BY BLOOMBERG NEWS, Anthony DiPaola & Bruce Stanley
The state oil producer "is engaged in very early-stage discussions with the Public Investment Fund regarding acquiring a strategic interest in Sabic by way of a private transaction," Aramco said in a statement. The company has no plans to acquire any publicly held shares in Sabic, as Saudi Basic is known, it said. The state-run PIF, which owns 70 percent of Sabic, confirmed the talks in a separate statement.
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