Saudi Firms Start Talks to Form $11 Billion Chemicals Maker
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Saudi Industrial Investment Group and National Petrochemical Co. started talks to merge, potentially creating a firm with $11 billion in assets as Middle Eastern energy companies assess their options in a lower oil-price environment. The shares climbed.
The discussions are at an initial stage and no agreement has been reached, the companies said Sunday. Saudi Industrial owns 50% of National Petrochemical, and they had attempted a merger nine years ago.