Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo
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The U.K. market regulator may ease listing requirements for companies controlled by a sovereign country as London woos Saudi Aramco, which is planning what could be the world's largest initial public offering. The Financial Conduct Authority Thursday outlined a new category in its premium listing segment for state-owned businesses, proposing two key exceptions. The company – formally known as Saudi Arabian Oil Co. – aims to raise as much as $100 billion.Under the proposed changes, sovereign shareholders that own significant stakes will no longer be considered related parties – meaning deals they do involving the premium listed company they control, such as buying from state assets to that company, will not be subjected to a vote by independent investors. Apart from Aramco, large state-owned companies including Abu Dhabi National Oil Co. are planning stock sales for their businesses.
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