LONDON: Lanxess AG and Saudi Arabian Oil Co said they will form a 2.75 billion-euro (US$3.1bil) venture to draw on the Middle East company’s access to raw materials and make a struggling synthetic-rubber division more competitive.
Each party will hold 50% in the business, the two companies said in statements yesterday. Saudi Aramco will pay about 1.2 billion euros in cash for the stake, adjusted for debt and payables.
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