GE, Sabic close to $11bn deal
Saudi Arabia: Saturday, May 19 - 2007 at 09:46
General Electric is close to selling its plastics division to the Saudi Basic Industries Corporation for around $11bn, according to the AFP citing the Wall Street Journal. The plastics unit grossed sales of $6.6bn last year and if Sabic can seal the deal it will have beaten off a number of rivals including the Netherlands' Basell. The possible GE, Sabic deal was first reported here back in March.
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Jonathan Sheikh-Miller, Deputy EditorSaturday, May 19 - 2007 at 09:46 UAE local time (GMT+4)
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This Article was updated on Saturday, June 16 - 2007
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