No political problems expected with GE deal - CEO

22 May 2007 00:03  [Source: ICIS news]

NEW YORK (ICIS news)--SABIC does not anticipate any political obstacles from the US government in its planned $11.6bn (€8.6bn) acquisition of GE Plastics, SABIC’s chief executive said on Monday.

“I don’t foresee any political problems,” said SABIC CEO Mohammed Al-Mady in an interview with ICIS news.

“SABIC is a global company, and we’ve been in the US for 20 years. We also have joint ventures with US companies such as ExxonMobil, Dow and Celanese. We are welcoming US investment in Saudi Arabia, and I’m sure the US will welcome a global company like SABIC.”

In 2006, Dubai Ports World backed away from its planned $6.8bn acquisition of a British port company that operated in six US cities after US congressional opposition.

($1 = €0.74)
By: Joseph Chang
+1 713 525 2653

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