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Aramco secures unconditional EU okay for $69 billion SABIC deal

Aramco secures unconditional EU okay for $69 billion SABIC deal
imageCommodities4 hours ago (Feb 28, 2020 06:10AM ET)

Aramco secures unconditional EU okay for $69 billion SABIC deal

BRUSSELS (Reuters) – World No. 1 oil producer Saudi Aramco (SE:2222) has gained unconditional EU antitrust approval for its $69 billion bid for a 70% stake in petrochemicals group Saudi Basic Industries Corp (SABIC), according to an EU filing.

Aramco announced the deal in March last year, a move key to its diversification into refining and petrochemicals.

The European Commission cleared the deal on Thursday, a filing on its site showed. Reuters reported on Feb. 21 that the deal was heading for unconditional EU clearance.

Aramco secures unconditional EU okay for $69 billion SABIC deal

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