LSE CEO Said to Join U.K.’s May to Lobby for Saudi Aramco IPO

Xavier Rolet.

Photographer: Chris Ratcliffe/Bloomberg

Xavier Rolet, chief executive officer of London Stock Exchange Group Plc, is due to join U.K. Prime Minister Theresa May at a meeting of finance officials at the Saudi Stock Exchange in Riyadh on Tuesday.

Rolet has joined May to lobby for LSE’s participation in the initial public offering of Saudi Arabian Oil Co., as the country’s state-owned company is formally known, according to a person familiar with the plans.

Xavier Rolet inside the Saudi Stock Exchange on April 4.

Photographer: Simon Dawson/Bloomberg

In her visit to the Middle East, May extolled the importance of trade and security ties with Saudi Arabia, seeking to bolster trade links with the House of Saud and other influential players in the region.

Aramco, as the company is known, is considering listing venues in the U.S., U.K. and Asia, in addition to Riyadh, and is planning to choose local banks to advise on the Saudi listing, people familiar with those plans said in February. The sale could value Aramco at more than $2 trillion, Deputy Crown Prince Mohammed bin Salman has said in an interview with Bloomberg.

An LSE spokesman declined to comment. The Financial Times had earlier reported Rolet’s pitch for the Aramco IPO.

— With assistance by Ruth David

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