The Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, said on Sunday it had appointed Andrew Liveris, former chairman and CEO of Dow Chemical, as a special adviser.
Liveris will advise Crown Prince Mohammed bin Salman, the chairman of PIF. Liveris will work closely with the fund on matters of strategic importance and assist the fund in its efforts to increase the value of its portfolio. PIF owns assets worth more than $250 billion, which it aims to increase to $400 billion by 2020. It holds stakes in some of the largest companies in Saudi Arabia, including SABIC, as well as banks and other financial institutions.
Liveris joined the board of Saudi Aramco, the state-owned oil company, in July. Aramco is negotiating with the PIF to acquire the majority of and possibly the fund’s entire 70% holding in SABIC, worth about $70 billion. The discussions follow a decision to postpone indefinitely the listing of 5% of Aramco’s shares on the domestic and international stock markets.
Banks including JP Morgan, Morgan Stanley, and HSBC, which were involved with the Aramco IPO, are working to assemble a debt package to fund the SABIC takeover.
By Natasha Alperowicz
Source: Chemical Week
PPG announced that Kevin Braun, currently senior vice president, industrial coatings segment, will become senior vice president, operations, effective October 1, 2024. Braun will succeed Ram Vadlamannati, who announced his intention to retire from PPG after 25 years with the company.
Johnson Matthey announced its new Nature Strategy, outlining the company’s commitments and actions to minimise its environmental footprint, promote circularity, and enhance the local environments and communities where it operates. The strategy sets ambitious goals for the responsible use of natural resources.
Azelis has signed an agreement to acquire 100% of the shares of Hortimex, a Polish speciality chemicals distributor active in the food ingredients and nutraceuticals segments. Hortimex is a distributor of food ingredients with a particular focus on non-meat applications, such as human nutrition, functional preparations, confectionery and bakery.
