July 23, 2018 / 2:54 PM / 10 months ago

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

FILE PHOTO: A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/File Photo

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

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