Deals
Saudi Aramco Puts IPO on Hold to Focus on Giant Chemicals Deal
- Aramco IPO isn’t canceled, Energy Minister Al-Falih says
- Company told some financial advisers to suspend IPO work
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Saudi Arabia has formally put the initial public offering of its giant oil company on hold while Aramco focuses on buying a strategic stake in local petrochemical group Sabic for as much as $70 billion.
While the Sabic deal will delay the IPO, it doesn’t mean it’s canceled, people familiar with the matter said, asking not to be identified because the information is private. Khalid al-Falih, the Saudi energy minister, said Thursday in a statement that the government was committed to the Aramco IPO “at a time of its own choosing when conditions are optimum.”