Saudi firms’ merger talks may produce $11bn chemicals maker
Discussions are at an initial stage and no agreement has been reached, the companies say
20 September 2020 - 23:19
Riyadh — Saudi Industrial Investment Group and National Petrochemical Company started talks to merge, potentially creating a firm with $11bn in assets as Middle Eastern energy companies assess their options in a lower oil-price environment. The shares climbed.
The discussions are at an initial stage and no agreement has been reached, the companies said on Sunday. Saudi Industrial owns 50% of National Petrochemical, and they had attempted a merger nine years ago...
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