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EU To Rule On $69B Aramco-SABIC Deal End Of February

By  |  January 27, 2020

EU antitrust regulators will decide by February 27 whether to clear state energy firm Saudi Aramco’s US$69.1 billion acquisition of world number four petrochemicals group Saudi Basic Industries, a European Commission filing showed. 

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    Aramco, the world’s largest oil producer, announced the deal to buy a 70% stake in SABIC from the Public Investment Fund in March last year. According to Reuters, it hopes the move will boost its downstream growth. 

    The Commission can clear the deal with or without conditions during this preliminary review, or it can open a full-scale investigation of up to five months if it has serious concerns that it could hurt competition. 

    India and a number of other countries’ competition watchdogs have approved the deal without demanding concessions. 

    Full Content: Reuters

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