BP CEO Bob Dudley says Saudi may rethink IPO

Business


Saudi Arabia could be tempted to reconsider the timing of what is expected to be the biggest-ever initial public offering (IPO) later this year, BP CEO Bob Dudley told CNBC on Tuesday.

Indecision at the highest levels of Saudi Arabia’s government is reportedly playing a major role in holding up the planned flotation of the world’s largest oil producer.

Saudi Aramco, currently a private company owned by the government in Riyadh, is aiming for an IPO that could raise about $100 billion and attract a valuation in the range of $1 trillion to $2 trillion later this year. But the process has dragged on as key aspects of the share sale remain unsettled.



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