Saudis Call Off Aramco IPO After Deciding That US Investment Bankers Have Been Sufficiently Clowned

That sound you hear is David Solomon giggling maniacally.
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By Afas1407 (Own work by the original uploader) [Public domain], via Wikimedia Commons

By Afas1407 (Own work by the original uploader) [Public domain], via Wikimedia Commons

The notion that the Saudis needed public money always made about as much sense as the Saudis having an actual interest in the future health of Tesla Motors.

And now we know why...

Saudi Arabia has called off both the domestic and international stock listing of state oil giant Aramco, billed as the biggest such deal in history, four senior industry sources said on Wednesday.

Sad face emoji.

The financial advisors working on the proposed listing have been disbanded, as Saudi Arabia shifts its attention to a proposed acquisition of a “strategic stake” in local petrochemicals maker Saudi Basic Industries Corp 2010.SE, two of the sources said.

Ironic sad face emoji.

International banks JPMorgan, Morgan Stanley and HSBC, were working as global coordinators, boutique investment banks Moelis & Co and Evercore were chosen as independent advisors and law firm White & Case as legal adviser, sources had previously told Reuters.

If David Solomon gets Goldman Sachs in on the SABIC merger, Jim Gorman might actually kill somebody.

Exclusive: Aramco listing plan halted, oil giant disbands advisors - sources [Reuters]

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