Saudi Aramco CEO Says Deal for Sabic Would Affect IPO Timeline
- Chemical company stake would be acquired from wealth fund
- Deal is in early stages of talks, Nasser says in TV interview
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Saudi Aramco signaled another potential delay for the world’s largest initial public offering after it started talks this week to buy a stake in a local petrochemical company.
The state-owned oil company said it may buy a strategic stake in Saudi Basic Industries Corp. from the country’s sovereign wealth fund. Sabic, as the chemical company is known, carries a market value of little more than $100 billion and the sovereign wealth fund controls a 70 percent stake.