Saudi SABIC to Sell European Chemicals Business for $950 Million

Saudi Basic Industries Corporation (SABIC) has signed two separate agreements to sell its European petrochemicals business and the engineering thermoplastics business in the Americas and Europe, for a total of $950 million, Saudi Arabia’s chemicals giant said on Thursday. As part of a portfolio optimization SABIC announced the divestment of 100% of the shares in SABIC Europe B.V., comprising its European Petrochemicals business and assets, to AEQUITA, a Germany-based operator in the European industrial sector. The enterprise…