Saudi Arabian state-owned oil company Saudi Aramco will acquire a controlling stake in SABIC, two sources familiar with the situation told Reuters. According to sources, the company can acquire all 70% of shares owned by the sovereign fund of Saudi Arabia. If this fails, Aramco can buy a stake of more than 50% in SABIC and become its majority shareholder. The potential acquisition of a stake in SABIC, the fourth largest petrochemical company in the world, will affect the timing of the planned IPO of Saudi Aramco, the company's CEO, Amin Nasser, said in a televised interview. Reuters sources said the listing could be postponed until 2020.
Alibaba Group Holding Ltd's (BABA) co-founder Jack Ma sold $8.2 billion worth of shares, reducing his stake in the company over the past year from 6.2% to 4.8%. The Chinese e-commerce company released its annual report on Friday. The divestment ...
Chinese Internet service provider Tencent Holdings Ltd (0700.HK) said on Friday that it is discussing an investment worth $200 Million in the world's largest music company Warner Music Group (WMG) as part of its initial public offering ...
SoftBank Group Corp. (SFTBY) announced on Thursday morning that it plans to sell 5% of its stake in SoftBank Corp., a separately listed Japanese wireless mobile company. The move would raise 310.2 billion Yen ($2.9 billion) through securities ...
Oil futures gained on Tuesday, lifted by Saudi Arabia’s deeper production cuts to buoy prices amid the supply glut and weak demand. Brent crude futures rose 0.8%, or 24 cents, at $29.87 per barrel. U.S. West Texas Intermediate crude ...
U.S. President Donald Trump announced that his administration was considering halting crude oil shipments from Saudi Arabia to help the local drilling industry. At a daily news conference, Trump said that his administration will “look ...