DUBAI (Reuters) - JPMorgan (JPM.N) and Morgan Stanley (MS.N) have been picked to advise on Saudi Aramco’s potential acquisition of a stake in petrochemical maker SABIC (2010.SE), four sources familiar with the matter said.
Late last week, Aramco (IPO-ARMO.SE) confirmed a Reuters report that it was working on a possible purchase of a “strategic stake” in Saudi Basic Industries Corp (SABIC) from the Public Investment Fund, the country’s main sovereign wealth fund.
Aramco and Morgan Stanley did not immediately respond to a Reuters request for comment. JPMorgan declined to comment.
Reporting by Hadeel Al Sayegh, Tom Arnold and Rania El Gamal. Editing by Jane Merriman