The European Commission approved on Friday the agreement of oil giant Saudi Aramco acquiring a 70% stake in Saudi Basic Industries Corporation (SABIC) for $69 billion.
According to the Commission, the deal didn't raise any horizontal or vertical competition concerns, as "the companies' moderate combined market shares in relation to the various petrochemical products they supply, and the fact that a sufficient number of credible suppliers will remain active in the relevant markets."
State-owned Saudi Aramco announced its plans to acquire a major stake in SABIC back in March 2019, after which the company issued a $10 billion bond in order to fund the acquisition.
