Representatives of Saudi Arabian Oil Corp. came to the United States looking for investors in the company's debt, aiming to fund a strategic acquisition after its own stock market debut was shelved, the Wall Street Journal wrote on Thursday. The visit this week concerns an issuance of bonds with the nominal value of $10 billion, according to unnamed insiders.
The nation's fossil fuel monopoly better known as Saudi Aramco is planning to purchase a 70% stake in Saudi Basic Industries Corp., or SABIC, from the government-run Public Investment Fund. The report adds the oil giant wants to take over a smaller share in the petrochemicals firm first and build on it over as much as ten years. The sale of corporate securities is apparently planned for later in the year and may consist of two packages with different maturities, according to the persons familiar with the matter.
