Saudi Aramco approval to take over SABIC: decision published
On 27 February 2020, oil company Saudi Aramco was given approval by the European Commission for the acquisition of Saudi Basic Industries Corporation (SABIC), under Article 6(1)(b) of the EU Merger Regulation: the approval has now been published.Saudi Aramco is primarily engaged in the exploration, production and marketing of crude oil, natural gas and oil-based transport fuels and also in the production and marketing of refined products and petrochemicals. SABIC, is primarily active in the production and sale of commodity chemicals (including petrochemicals), intermediates, polymers, fertilisers and metals.
Both are Saudi Arabian companies.
The Commission concluded that the proposed acquisition would raise no horizon