Saudi Companies Pursue Acquisitions Requests, Including Aramco
Unveiling Acquisition Requests
The Kuwaiti Competition Protection Agency has greenlit two acquisition requests and received another from Saudi entities, Including Aramco.
Unveiling Acquisition Requests
The agency divulged the submission of an acquisition request by Saudi Iron and Steel Company and Rajhi Iron Company.
Details of Acquisition Request
Saudi Iron and Steel Company aims to procure all shares of Rajhi Iron Company’s capital. In return, Rajhi Investment will be allotted some shares from Saudi Iron and Steel Company.
Furthermore, the Public Investment Fund plans to vend a specific number of Iron Company shares to Rajhi Investment.
Additionally, this deal is contingent on the Saudi Public Investment Fund’s attainment of 100% of Saudi Iron and Steel Company’s capital.
Acquisition Request, Legal Framework and Definitions
Law No. 72 of 2020 on Competition Protection delineates economic consolidation as a permanent alteration in control within the pertinent market. Consequently, this could result from mergers, acquisitions, or the establishment of enduring partnerships among entities conducting independent economic activities.
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