Two Saudi Arabian companies with major operations in Houston announced a $69.1 billion deal on March 27.
State-owned Saudi Arabian Oil Co., more commonly called Saudi Aramco, has agreed to buy a 70 percent majority stake in Saudi Basic Industries Corp., or SABIC, from the Public Investment Fund of Saudi Arabia. The remaining 30 percent is made up of publicly traded shares, which Saudi Aramco has no plans to acquire, according to press releases from the companies.
The deal is subject to certain…
Houston Biz Journal
Saudi Aramco to buy B stake in SABIC