Saudi Aramco Sets Up $1.3B Sale Of Marine Unit To Bahri

Law360, New York (June 27, 2012, 5:02 PM EDT) -- Saudi state-owned oil giant Saudi Aramco signed an agreement Wednesday to trade its marine unit for $1.3 billion cash and stock from National Shipping Co. of Saudi Arabia, known as Bahri, in deal that would spawn a larger, more diversified national shipping business.

Under the memorandum of understanding, Bahri, one of the world's largest shipping conglomerates, will pony up $832.75 million in cash and cover the rest of the consideration with stock amounting to a 20 percent interest in the company. The buyer likely will pay...
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