03 July 2006 16:24 [Source: ICIS news]
LONDON (ICIS news)--Sabic completed the buyout of Finnish Neste Oil’s 10% share of Saudi Arabian polypropylene (PP) and methyl tertiary butyl ether (MTBE) producer Ibn Zahr on Monday, taking its stake in the firm to 80%.
The $120m (€94m) deal was agreed on 26 March and Sabic said the amendment to the company’s articles of incorporation was signed today.
Apart from the Saudi Arabian petrochemicals major, the other Ibn Zahr shareholders are Italian Fortium with 10% and the Arab Petroleum Investments Corporation (APICORP), which owns the remaining 10%.
Neste, which has been a shareholder in Ibn Zahr since its foundation in 1984, said in March it would book a capital gain of about €85m on the deal which marks the Finnish group's exit from direct investment in petrochemicals.
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