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Saudi Aramco to buy Hanjin Group out of S-Oil for $1.95 billion

9:00 AM MDT | July 2, 2014 | Natasha Alperowicz

Aramco Overseas Co. (AOC), a subsidiary of Saudi Aramco, confirmed today that it has agreed in principle to acquire Hanjin Group’s entire stake in S-Oil Seoul), comprising approximately 32 million shares, representing 28.4% of the issued and outstanding common shares of S-Oil, for a total of 1.98 trillion South Korean won ($1.95 billion). This share purchase will increase Aramco's ownership in S-Oil from 34.99% to 63.40%. The transaction is subject to formal agreements and regulatory approvals.    Aramco said in January that it...

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