Jubail—Saudi Arabia's National Petrochemical Co. (Petrochem) and Saudi Industrial Investment Group (SIIG) said that their previously announced transaction acquisition is now expected to be finalized during the first quarter of 2022 (PCN, 4 Oct 2021, p 1). This past October, the parties entered into a binding implementation agreement, in which SIIG would acquire the 50 stake in Petrochem that it does not currently own. Petrochem shareholders would receive 1.27 shares in SIIG in exchange for each share they own in Petrochem, and Petrochem would be delisted and become a wholly-owned subsidiary of SIIG. The transaction had been scheduled to close during the fourth quarter of 2021.
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