JPMorgan and Morgan Stanley have been selected to advise on Saudi Aramco’s potential acquisition of a strategic stake in Saudi Basic Industries Corporation (SABIC), Reuters reported Monday, citing unnamed sources familiar with the matter.
Last week, the state-run Aramco said it was in talks with the Kingdom’s sovereign wealth fund over the acquisition of a potential strategic stake in SABIC from the Public Investment Fund (PIF), the Kingdom's top sovereign wealth fund.
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