5bn Euros)."

" /> 5bn Euros)."

" /> 5bn Euros)."

" />

Sabic shares boost Tadawul market

31 October 2010

The Saudi Stock Exchange Tadawul began the week with a 0.7% profit on Saturday. Its Tasi benchmark ended at 6,354.09 points. Petrochemical giant Sabic jumped 2.11% to close at SR97. Sabic's CEO Mohamed Al-Mady denied German media reports that Sabic would be interested in Bayer's plastics business. Germany's Bayer AG is one of the world's largest chemical and pharmaceutical producer. Al-Mady told Bloomberg he's working on a polyurethane project with an undisclosed technology provider and plans to complete the plan "in the near future." Credit Suisse's global strategy team commented: "We think Sabic is unlikely to acquire the whole Polyurethane business of Bayer but rather their European operations only. This is because a/ the Asian business is fully integrated i.e. both polycarbonates and polyurethane are produced in the same facility (Sabic cannot buy the polycarbonates business on anti-competitive grounds) and b/ the overall size of the business is larger than what we think Sabic is willing to invest in acquisitions (>5bn Euros)."

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications