EU antitrust regulators will make a ruling on Saudi Aramco’s $69.1bn acquisition of a 70% stake in SABIC by 27 February, Reuters reported, citing a European Commission filing.
Saudi Aramco agreed to acquire 70% of SABIC from the nation’s sovereign wealth fund, the PIF, in a move that would strengthen its downstream portfolio and vertical integration, while providing liquidity to the PIF, Crown Prince Mohammed bin Salman’s primary vehicle for economic diversification.
If it does not clear the deal and believes that the deal could hurt competition, the Commission can open an investigation of up to five months. Indian authorities and other countries’ antitrust organisations have already approved the deal.
READ: Saudi Aramco’s $69.1bn SABIC acquisition leads MENA M&A transactions in first half of 2019
