Saudi Aramco has changed its mind about a bond sale of about US$40 billion that would have funded the bigger part of its planned acquisition of a majority stake in local petrochemicals giant Sabic. The Wall Street Journal reports that the oil major had been concerned about requirements for disclosure as well as the volatility and uncertain outlook for oil prices, according to unnamed sources familiar with the developments. Aramco announced plans to acquire up to 70 percent of Sabic in a deal expected to be worth about US$70 billion. The seller is the Saudi sovereign wealth find, the Private Investment Fund. The deal would have expanded Aramco’s downstream business substantially, which would have made it more attractive for potential investors if its initial public offering ever took place, which senior officials recently said it would. Yet US$70 billion turned out to be too hefty a price even for […]