U.K. paves way for Aramco listing with new IPO rules
The U.K. market regulator may ease listing requirements for companies controlled by a sovereign country as London woos Saudi Aramco, which is planning what could be the world’s largest initial public offering. The Financial Conduct Authority Thursday outlined a new category in its premium listing segment for state-owned businesses, proposing two key exceptions.
While the proposals could inch London ahead in the global competition to lure the oil giant’s listing, a shareholders’ group criticized weakening protections for investors. The company – formally known as Saudi Arabian Oil Co. – aims to raise as much as $100 billion (£77 billion).
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