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Regions :: Middle East :: Saudi Arabia

Sahara Petrochemicals and Sipchem abandon merger talks

1:34 PM MDT | June 9, 2014 | Natasha Alperowicz

Sahara Petrochemicals (Riyadh) and Saudi International Petrochemical Co. (Sipchem; Al Khubar, Saudi Arabia) said today that they have decided not to pursue merger talks. This announcement follows the companies' signing of a memorandum of understanding (MOU) on 4 December 2013 to begin due diligence, which would lead to a possible merger. The Zamil Group, one of Saudi Arabia’s most prominent business families, holds shares in each company. “Although both companies are still convinced that the proposed merger is in the interest of their...

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