Aramco’s SABIC acquisition approved by regulators

Aramco’s SABIC acquisition approved by regulators

Saudi Aramco, the world's largest oil company, has received approval from the European Commission to acquire 70% of Saudi Basic Industries Corp (SABIC) for $69 billion, the Saudi stock exchange Tadawul said.. The shares bought from Saudi Arabia's Public Investment Fund (PIF) will provide cash to the PIF and help Aramco to expand its downstream operations, reported S&P Global news.. The deal has now received all necessary clearance, in accordance with antitrust rules, and can be finalised, said the statement..