July 23, 2018 / 2:51 PM / a month ago

JPMorgan, Morgan Stanley picked to advise on Aramco's SABIC deal -sources

DUBAI, July 23 (Reuters) - JPMorgan and Morgan Stanley have been picked to advise on Saudi Aramco’s potential acquisition of a stake in petrochemical maker SABIC , 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

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