LONDON (Alliance News) - Saudi Arabia is understood to be planning a three-way listing of its Aramco oil business, anchored by an attempt to get three oil majors to take strategic stakes in the business, The Daily Telegraph reported.
Saudi authorities are hoping to entice ExxonMobil Inc, China's Sinopec and possibly BP PLC into taking stakes in the business, which has been touted at a total enterprise value of USD2.5 trillion. These stakes would back the Saudi government floating the business in London, New York and Hong Kong.
The Telegraph said the sale is planned for as soon as 2017 or 2018 and would, in theory, be five times larger than any initial public offering in history.
http://www.telegraph.co.uk/business/2016/05/08/saudi-aramco-plans-london-listing-but-doubts-grow-on-25-trillion/
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
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