Middle-east Arab News Opinion | Asharq Al-awsat

SABIC Wins EU Approval to Buy Huntsman Unit - ASHARQ AL-AWSAT English Archive
Select Page

BRUSSELS (Reuters) – Saudi Arabian Basic Industries (SABIC) won permission from the European Commission on Wednesday to buy the European bulk chemicals unit of U.S.-based Huntsman Corp. in a deal worth $700 million.

“The Commission concluded that the operation would not significantly impede effective competition in the European Economic Area,” the EU executive said in a statement.

State-controlled SABIC, the largest listed company in the Arab world, said the assets were a good fit with its existing European operations and would allow it to gain scale on the continent.

The deal is the first acquisition in four years for the Saudi group, which is 70 percent owned by the state and 30 percent by investors in the kingdom and other Gulf Arab countries.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

More Posts

Follow Me:
FacebookGoogle PlusYouTube