LONDON, (Reuters) – Saudi Arabian Basic Industries, the largest listed company in the Arab world, said on Thursday it would buy the UK division of U.S. chemicals manufacturer Huntsman Corp.
Earlier this year, Texas-based Huntsman broke off talks to be bought out by unnamed suitors, and it has said it continued to be frustrated with the value the market has placed on its businesses.
The company has facilities across the UK. SABIC already has some European operations.
SABIC is 70 percent-owned by the state and 30 percent by investors in the kingdom and other Gulf Arab countries.