Saudi Aramco’s Proposed Acquisition of 70% Majority Stake in SABIC Receives Unconditional Clearance from European Commission
|Announcement Detail||Dhahran, Saudi Arabia, February 27, 2020 - Saudi Aramco announces that its proposed acquisition of a 70% majority stake in Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund of Saudi Arabia (PIF) has received unconditional clearance from the European Commission. |
With this, the proposed acquisition has now received unconditional clearance in all jurisdictions in which pre-notification antitrust filings are required. The closing of the proposed transaction is subject to the remaining customary closing conditions contained in the Share Purchase Agreement.
This release contains forward-looking statements. All statements other than statements of historical fact included in this release are forward-looking statements. Saudi Aramco believes that the forward-looking statements are based upon reasonable assumptions and expectations. However, you are cautioned that any such forward-looking statements are not guarantees of the future and that a number of risks and uncertainties could cause actual events to differ materially from those anticipated in the forward-looking statements.
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