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Saudi petrochem firms sign $2.2-bn merger agreement

09
Oct '18
Saudi petrochem firms sign $2.2-bn merger agreement
Saudi International Petrochemical Company (Sipchem) recently signed a non-binding agreement to acquire Sahara Petrochemical Co. in an all-share deal valued at just over $2 billion. The former will issue each Sahara shareholder with 0.8356 new Sipchem shares, according to the companies. Shareholders of the companies would each own 50 per cent of Sipchem stock.

Four years back, the companies had held back a tie-up, saying it was tough to proceed with the merger using a structure acceptable to both sides under the then regulatory framework. Rules have changed since then to facilitate mergers and acquisitions, according to a news agency report.

The merger would increase the scale and resilience of the petrochemical sector in Saudi Arabia and internationally, the companies feel. It will also provide cost synergies, improve access to feedstock and capital markets. (DS)

Fibre2Fashion News Desk – India


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