Aramco Is in Advanced Talks on Up to $25 Billion Reliance Deal

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Aramco Is in Advanced Talks on Up to $25 Billion Reliance Deal

Bloomberg2021-08-16

Agreement on all-stock deal could be reached in coming weeks Aramco seeking to buy about 20% stake in Reliance refinery arm Saudi Aramco is in advanced talks for an all-stock deal to acquire a stake ...

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·2021-08-16
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Reliance, which is backed by Indian billionaire Mukesh Ambani, could reach an agreement with Aramco as soon as the coming weeks, the people said.\nShares in Reliance extended gains to as much as 2.6% in Mumbai after the Bloomberg News report.\nA deal would help Reliance lock in a steady supply of crude oil for its giant refineries and make the Indian company a shareholder in Aramco. Based on Aramco’s market valuation of about $1.9 trillion, a transaction would give Reliance a stake of around 1% in the world’s biggest energy company.\nDetails of the potential transaction are still being negotiated, and talks could drag on longer or fall apart, the people said. A representative for Aramco declined to comment. 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