Saudi Aramco extends payment plan as it closes $69bn Sabic deal

FINANCIAL TIMES 🔒| Saudi Aramco will pay for its 70 per cent stake in petrochemicals company Sabic over the next eight years after extending its payment schedule for the $69.1bn deal to provide a buffer against weaker oil prices. 

The state energy giant will pay Saudi Arabia’s sovereign wealth fund a near 30 per cent premium to Sabic’s current share price as the chemicals group suffers from a weaker global economy and curtailed demand for its products because of the coronavirus pandemic. 

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