A man walks past the headquarters of Saudi Basic Industries Corp (SABIC) in Riyadh, Saudi Arabia October 27, 2013. REUTERS/Faisal Al Nasser
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Saudi Aramco may buy shares in chemical producer Saudi Basic Industries Corp. from the country's sovereign wealth fund as the world's biggest crude oil exporter expands its business ahead of a planned initial public offering.The company has no plans to acquire any publicly held shares in Sabic, it said.In Saudi Arabia, the planned IPO of Aramco could be the world's largest if the government realizes its targeted valuation of about $2 trillion.A Sabic deal could help Aramco's IPO prospects by bolstering the company's strategy of expanding downstream, said Jaap Meijer, managing director and head of equity research at investment bank Arqaam Capital Ltd. in Dubai. Still, Sabic shares are expensive relative to others in the industry, and that could hurt gains from an eventual transaction, he said.
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