The Wall Street Journal reported that the Saudi Arabian National Oil Company has requested a price cut to acquire a state-owned petrochemical company. The company’s plan to use its wealth to finance Saudi Arabia’s economic reforms is becoming more complicated. The above-mentioned transaction is dominated by the Saudi government, which hopes Saudi Aramco will return to the country’s sovereign wealth. The fund paid up to 70 billion US dollars to acquire 70% of Saudi Basic Industries Corporation (SABIC). However, according to people familiar with the matter, Saudi Aramco executives believe that SABIC is currently overvalued and hopes to pay far less than the seller's expectations.
 |
|