DHAHRAN: Saudi Aramco has announced that its proposed acquisition of a 70% majority stake in Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund of Saudi Arabia (PIF) has received unconditional clearance from the European Commission.

With this, the proposed acquisition has now received unconditional clearance in all jurisdictions in which pre-notification antitrust filings are required.  The closing of the proposed transaction is subject to the remaining customary closing conditions contained in the Share Purchase Agreement.