The real lesson here is that the Saudi government - not regular investors in Saudi Arabia - will always get the best deal.
that it had reached an agreement to acquire the Saudi petrochemicals company, SABIC, for $69.1 billion. It is being touted as an achievement and possibly a step toward a long-expected initial public offering of Aramco, but it should be seen as an ominous sign by investors looking at Saudi opportunities.
Amin al-Nasser, Chief Executive of state oil company Saudi Aramco, attends the 18th International Oil Summit in Paris on April 27, 2017. / AFP PHOTO / ERIC PIERMONT The announcement made clear that Aramco purchased only the 70% of SABIC that was owned by The Saudi Public Investment Fund —the government's sovereign wealth fund. The remaining 30% is publicly traded and will remain listed on Tadawul, the Saudi stock exchange.
When the PIF and the government are involved, they will get the best of any deal, and its investment partners will not. Rumors about anof SABIC by Aramco began in July of 2018, but there was no official news of the progression of the deal until March 27. At that point, the deal was just announced. Owners of SABIC equities—whether they are banks, institutional investors or retail investors—had no say in the deal. They did not even know about it.
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