Aramco, Mapei get regulatory approvals for separate mergers in Kuwait

Two Saudi companies have received separate approvals from Kuwait’s Competition Protection Agency that clear the way for them to go ahead with acquisitions in the country, the agency said on X (here, and here). The agency is reviewing two other requests for clearance from Saudi companies.

Oil giant Aramco has the go-ahead to buy EIG’s LNG unit, MidOcean Energy.Aramco finalized agreements to acquire a minority stake worth USD 500 mn in MidOcean Energy in September 2023.

The second merger involved chemical product manufacturers Mapei Saudi, Mapei Italy, and the Dammam-based waterproofing systems manufacturer Bituminous Products Saudi. Mapei acquired all shares of Bitumat, from a fund managed by Gulf Investment Corporation.

In the pipeline: Approval for Sabic’s Saudi Iron and Steel Company (Hadeed) to acquire 100% of Rajhi Steel in a transaction that would see the shareholders of Al Rajhi Investment get shares in Hadeed, CPA said in a separate post.

BUT- The agreement is contingent on the Public Investment Fund (PIF) getting the nod from the regulatory agency to acquire 100% ownership of Hadeed, after which PIF will sell an additional number of Hadded shares to Al Rajhi Investment. Sabic said in September 2023 that PIF would buy 100% of its stake in Hadeed.