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World’s Biggest IPO Got Bigger: Aramco IPO at $29.4 Billion

(Bloomberg) — The final size of Saudi Aramco’s initial public offering jumped one month after its debut in Riyadh.Goldman Sachs Group Inc., one of the underwriters of the world’s biggest IPO, exercised the over-allotment option and increased the offering to $29.4 billion, according to a statement. It said 450 million additional shares were placed at 32 riyals ($8.53) with investors during the book-building process.Read more: Largest-Ever Listing Sheds $200 Billion in A MonthAccording to the terms of the offering, the bank could buy the additional shares during the stabilization period that ended Jan. 9 and give support to the stock, …read more […]

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Trump Is Wrong. The U.S. Does Need Middle East Oil

(Bloomberg Opinion) — President Donald Trump was wrong last week when he said that the U.S. doesn’t need Middle East oil. For one thing, U.S. refiners still need to process it to make the products their customers want. What’s more, America’s car drivers and truckers need it to keep flowing or else they’ll face higher prices at their local gas pump.Trump made his assertion during an address from the White House after Iran launched a barrage of missiles at two airbases in Iraq used by the U.S. military and amid fears of an escalation in attacks on key oil infrastructure …read more […]

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Saudi Aramco raises IPO to record $29.4 billion by over-allotment of shares

State-owned oil company Saudi Aramco said on Sunday it had exercised its “greenshoe option” to sell an additional 450 million shares, raising the size of its initial public offering (IPO) to a record $29.4 billion. Aramco initially raised a $25.6 billion, which was itself a record level, in its December IPO by selling 3 billion shares at 32 riyals ($8.53) a share. Aramco shares were flat at 35 riyals shortly after the market opened, according to Refinitiv data. …read more […]

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What `Parasite’ Misses About Inequality in South Korea

(Bloomberg Opinion) — To judge by “Parasite” — Bong Joon-ho’s Golden Globe-winning portrait of three Seoul families thrown into queasy proximity by the country’s wealth divide — South Korea is an Asian version of Brazil or South Africa.The poor in Bong’s black comedy are unable to escape the bottom of the heap — living in overcrowded basement apartments, or even (in a horrifying twist) further below ground. The wealthy enjoy a life of careless riches and open skies on Seoul’s hilly outskirts, cosseted by armies of staff whom they hold in thinly veiled contempt.It’s a compelling vision and a neat …read more […]