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Saudi Aramco halts plan for massive corporate-bond sale: WSJ

17:20 20-11-2018
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Saudi Arabia's oil giant Aramco has shelved plans to embark on a massive corporate-bond sale to fund a $70bn stake in the kingdom's national petrochemical firm, a news report said, Al Jazeera reports.

Looking instead at options requiring less public disclosure, people familiar with the matter told the Wall Street Journal on Monday that Aramco executives have soured on the initiative.

Saudi Arabian Oil Co, as the company is officially known, was considering issuing up to $40bn in bonds to help buy 70 percent of Saudi Basic Industries Corp (SABIC), the Journal reported.

Aramco has been in talks with banks to acquire a controlling stake in the Saudi petrochemical maker, a deal that could require up to $70bn in financing.