Saudi Aramco says acquisition of SABIC stake on track to close in second quarter

) from the Public Investment Fund , the kingdom’s wealth fund, is on track to close in the second quarter.

The statement by the state oil giant was made in response to a Reuters story published on Sunday saying that Aramco is looking to restructure its deal for a controlling stake in SABIC after the target’s value dropped more than 40% following an oil price slump in the coronavirus pandemic, according to two sources.

“All necessary regulatory clearances have been obtained. An announcement will be made in due course,” Aramco said in a statement sent to Reuters.

Brillant company - was going to work with them but came to Ireland instead!

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Saudi Aramco's first-quarter profit slides 25% as the collapse in oil prices bites'The Covid-19 crisis is unlike anything the world has experienced in recent history and we are adapting to a highly complex and rapidly changing business environment,' Aramco President and CEO Amin Nasser said. OK Buy buy buy This was expected from the crowd sooner or later
Source: CNBC - 🏆 12. / 72 Read more »