Saudi Aramco to buy SABIC in $69 billion chemicals megadeal
It produces chemicals, plastics, agri-nutrients, metals, resins, specialty film and sheet, polymershapes, glazing solutions, and specialty additives and intermediates. http://ljsantos.com.br/akcii-foreks/bhp/ The company was founded on September 6, 1976 and is headquartered in Riyadh, Saudi Arabia. Aramco’s IPO initially planned for 2018 has been postponed.
Saudi officials have said the new date for the public offering is now 2021 due to the world’s top oil producer’s plan to acquire the strategic stake in SABIC. In January 2018, SABIC announced that it had acquired a 24.99% stake in Clariant, the Swiss specialty chemical manufacturer.
Saudi Aramco today announced the signing of a share purchase agreement to acquire a 70% majority stake in Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund of Saudi Arabia, in a private transaction for SAR 259.125 billion (or SAR 123.39 per share), which is equivalent to USD $69.1 billion. The remaining 30% publicly traded shares in SABIC are not part of the transaction, and Saudi Aramco has no plans to acquire these remaining shares. The transaction is subject to certain closing conditions, including regulatory approvals.
SABIC is composed of four strategic business units – Petrochemicals, Specialties, Agri-Nutrients, and Metals – each headed by an Executive Vice President. They support customers by identifying and developing opportunities in key end markets such as construction, medical devices, packaging, agri-nutrients, electrical http://www.jurahominis.com/kakova-cena-bitcoin-gold-kriptovaljutnye-trejdery/ and electronics, transportation and clean energy. The Chairman of SABIC is Dr. Abdulaziz Saleh Aljarbou. Vice-Chairman and Chief Executive Officer, Yousef Abdullah Al-Benyan, leads the global management team. The company is overseen by a Board of Directors taken from government and the private sector.
Jones Day successfully represented the Saudi Basic Industries Corporation (SABIC) in this appeal and in the underlying litigation. SABIC sued Exxon Corp. for misappropriating technology (SCM-T, directed to super-condensed mode polymerization processes) developed for a SABIC/Exxon joint venture in Saudi Arabia known as Kemya.
Currently, Saudi Aramco and SABIC have petrochemicals production capacity of 17 and 62 million tons per annum respectively. Saudi Aramco and SABIC have petrochemicals production capacity of 17 and 62 million tons per year, respectively.
SABIC identifies and develops opportunities in key end markets, such as construction, medical devices, packaging, agri-nutrients, electrical and electronics, transportation and clean energy. Saudi Basic Industries Corp. engages in the manufacture of petrochemicals.
Ranked among the world’s largest petrochemicals manufacturers, SABIC is a public company based in Riyadh, Saudi Arabia. 70% of the Company’s shares are owned by the Saudi Arabian government, with the remaining 30% publicly traded on the Saudi stock exchange. SABIC began in 1976 by Royal decree and its growth has been nothing short of miraculous. Today, the company has operations in over 50 countries with a global workforce of over 33,000 talented individuals.
- Manufacturing on a global scale, SABIC produces chemicals, commodity and high-performance plastics, agri-nutrients, and metals.
- ‘Brand Finance Chemicals 10’ 2019 report places SABIC among the top 3 companies in the chemical industry, and estimates its brand value at $3.96 billion.
- Saudi Basic Industries Corp. engages in the manufacture of petrochemicals.
After forming SABIC Europe, SABIC became the 11th-largest petrochemicals company in the world. The purchase of DSM signified SABIC’s intent to expand and become a true global company.
Headquartered in Riyadh, Saudi Arabia, SABIC has global operations in over 50 countries with 34,000 employees. In 2018, SABIC’s consolidated production volume across its various business units was 75 million metric tons, and recorded net income of USD $5.7 billion, annual sales of USD $45 billion, and total assets of USD $85 billion. RIYADH/DUBAI (Reuters) – The world’s largest oil producer Saudi Aramco has agreed to buy a 70 percent stake in http://www.sanisidro.org.ve/index.php/2019/10/01/kurs-populous-k-dollaru/ Industries Corp (SABIC) from the kingdom’s wealth fund for $69.1 billion in one of the biggest deals in the global chemical industry.
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Through its main subsidiaries; distribution of petrochemicals; manufacture of plastic and rubber products, methanol, basic and intermediate chemicals including oxygen, hydrogen, nitrogen, argon, krypton and xenon; fertilizers including urea, ammonia, diethylhexanol, phtalica anhydride and dioctyl phthalate, direct reduced iron, aluminum products including sheets, coils, foils and circles; provides warehousing and storage services; issues Islamic bonds; social security system covering old age and disability; Saudi Arabian governmental fund investing in national equity and financing local commercial projects with the main objective of developing the country’s national economy and growth; operates a terminal and product handling facility. “Aramco’s financials are not public, but financing won’t be a problem, given it has triple production capacity of Exxon Mobil, which has an AAA rating,” said Alrajhi Capital’s al-Sudairi. Aramco CEO Nasser told Al Arabiya he expected the IPO to happen in 2021 and that the company needed at least a year from the deal’s completion before the IPO, so that Aramco financial statements can reflect the SABIC acquisition.
“Solidifying our relationship in this way strategically positions SABIC and Saudi Aramco to accelerate exciting developments in our global chemicals business,” said Yousef Al-Benyan, SABIC Vice Chairman and CEO. In 2008, SABIC Europe produced 7.3 million metric tons of petrochemicals, mainly for the European market.
The stake was acquired from activist investor White Tale, and at Clariant’s prevailing market-capitalisation would have been valued in the region of $2.4bn. The actual transaction http://www.jardineriasalas.com/obzor-kriptovaljuty-stellar/ price was undisclosed. SABIC CEO Yousef Al-Benyan had previously stated, in November 2017, that the company was looking to spend $3bn-$10bn on acquisitions over the next 10 years.
Under a series of agreements between SABIC and Exxon, the SCM-T technology belongs to Kemya. During the course of the litigation, SABIC and Exxon stipulated that neither SABIC nor its affiliates would use the SCM-T technology in their reactors. Exxon alleged that, under its interpretation of the parties’ stipulation, one of SABIC’s affiliates is using the SCM-T technology in its reactor.