The European Commission has cleared Saudi Aramco’s acquisition of a 70 per cent stake in SABIC from the Public Investment Fund (PIF) for $69 billion, according to the Saudi exchange.

A Tadawul announcement said: “With this, the proposed acquisition has now received unconditional clearance in all jurisdictions in which pre-notification antitrust filings are required.”

It said the deal serves a dual purpose – providing liquidity to the PIF, Saudi Arabia’s primary economic diversification vehicle, but also boosting Saudi Aramco’s downstream and international portfolio.

The statement concluded by saying that the closing of the transaction is subject to the remaining customary closing conditions contained in the share purchase agreement.

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11th March 2020