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Chemical Week Magazine :: Business & Finance :: Asia/Pacific

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

6:52 AM MDT | July 18, 2014 | —Natasha Alperowicz

Aramco Overseas Co. (AOC), a subsidiary of Saudi Aramco, says 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). The 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 would be interested in buying Hanjin...

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