Saudi state oil giant Aramco has finalized the purchase of a majority stake in petrochemicals major Sabic on the Saudi stock market, Reuters reported , buying over 2 billion shares in the company for a total of $69.1 billion. Aramco signed the deal to buy 70 percent in Sabic from the Public Investment Fund of Saudi Arabia in March 2019, for the equivalent of US$69.1 billion in Saudi riyals at the time. The acquisition was part of Aramco’s preparation for going public, which happened, after much anticipation, at the end of last year. Earlier this year, there were media reports that the oil giant may delay the purchase because of the coronavirus pandemic and the oil price collapse and there were even reports Aramco was potentially seeking to renegotiate the price of the deal as Sabic’s market cap plummeted by 40 percent. However, the price paid for the shares, […]