Aramco Secures Unconditional EU Okay for $69 Billion SABIC Deal

02/28/2020 - 17:46 PM

Jason Boutros

 

BRUSSELS (REUTERS) - World No. 1 oil producer Saudi Aramco has gained unconditional EU antitrust approval for its $69 billion bid for a 70% stake in petrochemicals group Saudi Basic Industries Corp (SABIC), according to an EU filing.

Aramco announced the deal in March last year, a move key to its diversification into refining and petrochemicals.

The European Commission cleared the deal on Thursday, a filing on its site showed. Reuters reported on Feb. 21 that the deal was heading for unconditional EU clearance.

(Reporting by Foo Yun Chee; editing by Francesco Guarascio)

 

 

 

Copyright 2020 Thomson Reuters.

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