State oil company Saudi Aramco said it was “in an early stage of negotiations” with the Royal Public Investment Fund to acquire a stake in SABIC, the Saudi producer of chemicals, by concluding a private transaction without planning to buy out shares held in public ownership, the finversia.ru project wrote. It is noted that the transaction could increase the value of Aramco on the eve of the planned IPO. Aramco wants to develop a downstream business, as the expansion of the petrochemical portfolio will allow it to attract more investments for the initial public offering. Aramco together with SABIC is implementing a local project worth $20 billion, which provides for the construction of a complex for the production of chemical products.
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 ...