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Saudi Arabia to Pick JPMorgan, Banker Klein for Aramco IPO

  • Kingdom is planning to list Aramco shares as early as 2017
  • Aramco IPO may create the world's largest publicly traded firm
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Saudi Arabia Said to Pick JPMorgan, Klein for Aramco IPO

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JPMorgan Chase & Co. and Michael Klein, the former Citigroup Inc. investment banker who runs his own boutique, have been selected to advise on state-owned Saudi Arabian Oil Co.’s initial public offering, according to people familiar with the matter.

Klein is providing strategic advice to the government, while JPMorgan is working on preparations for the IPO and may be among the banks that underwrite the listing, the people said, asking not to be named as the details aren’t public. The deliberations are still at an early stage, and no final decisions about the IPO have been made, they said.