Skip to main content

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

That sound you hear is David Solomon giggling maniacally.
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]


King Salman (Getty Images)

Saudi Aramco Might Not Be A Paragon Of Transparency And Fair Accounting After All

Who could've guessed that an insular petro-state wouldn't be completely honest about the value of its only economic asset?


Of Course Steve Mnuchin Is Going To Saudi Arabia

We can think of no better situation for Secretary Mouthbreather than an empty business conference hosted by a totalitarian state pretending that it hasn't murdered anybody.


Dimon And Gorman Would Like To Buy The IPO Market A Round of Jose Cuervo

JPMorgan and Morgan Stanley are - unsurprisingly - thinking a lot about tequila lately.