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  4. SIIG and Petrochem confirm merger talks

SIIG and Petrochem confirm merger talks

Published by
 Hydrocarbon Engineering,

As reported by Reuters, Saudi Arabian petrochemicals companies Saudi Industrial Investment Group and the National Petrochemical Co. (Petrochem) have begun talks over a potential merger.

The companies' boards have approved initial discussions to study the feasibility of a merger but no agreement has been reached on any final structure of a merged entity, the companies said in separate statements.

SIIG owns 50% of Petrochem but the two companies are similar in size, suggesting a deal would be a merger of near equals.

The two companies had combined assets of US$9.5 billion as of June, Refinitiv data shows. SIIG had total assets of 19.2 billion riyals (US$5.12 billion) at the end of June while Petrochem had 16.4 billion riyals in total assets.

Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/21092020/siig-and-petrochem-confirm-merger-talks/

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