Dow Chemical Co. signed an agreement with Saudi Arabian Oil Co. to potentially increase its ownership in their newly constructed $20 billion Sadara Chemical joint venture to a half stake.
The non-binding memorandum of understanding allows Dow to acquire an additional 15% in Sadara from Saudi Aramco, as the state-owned oil company is known, the companies said Aug. 28 in a statement. The purchase would boost Dow’s stake to 50 percent, from 35 percent, with Aramco owning the remainder. Terms were not disclosed.
The agreement comes as Dow and DuPont Co. plan to complete their merger of equals on Aug. ...
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