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Saudi Basic Industries Corp

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BUSINESS
May 14, 1996 | Times Staff and Wire Reports
Ampolex Ends Fight After Mobil Raises Bid: Mobil Corp. finally succeeded in persuading oil and gas producer Ampolex Ltd. to give up its fight to remain independent after it sweetened its takeover offer. Directors of Melbourne, Australia-based Ampolex recommended shareholders accept the revised offer, which values Ampolex at $1.43 billion. Mobil secured the acquiescence of its target after three months of hostilities by raising its offer from its original bid of $1.29 billion.
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BUSINESS
May 14, 1996 | Times Staff and Wire Reports
Ampolex Ends Fight After Mobil Raises Bid: Mobil Corp. finally succeeded in persuading oil and gas producer Ampolex Ltd. to give up its fight to remain independent after it sweetened its takeover offer. Directors of Melbourne, Australia-based Ampolex recommended shareholders accept the revised offer, which values Ampolex at $1.43 billion. Mobil secured the acquiescence of its target after three months of hostilities by raising its offer from its original bid of $1.29 billion.
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NEWS
April 10, 1988 | From Reuters
The government Saturday denied that sabotage had caused a fire at a $2.8-billion plant in the kingdom's Eastern Province last month. The official Saudi Press Agency quoted an official at the Saudi Petrochemical Co. (SADAF) plant in Jubail as saying there was no evidence that a fire which broke out in an ethylene storage tank was set off by explosives. "It was a normal industrial accident. If anything proves otherwise, it will be announced immediately," the official was quoted as saying.
BUSINESS
May 18, 2007 | From Times Staff and Wire Reports
General Electric Co. is close to an agreement to sell its plastics division to Saudi Arabia's biggest industrial company for about $11 billion, the Wall Street Journal reported. The suitor, Saudi Basic Industries Corp., is one of the largest non-oil companies in the Middle East and has manufacturing and research facilities around the world. It had been bidding against Dutch plastics giant Basell, the Journal reported on its website. A spokesman for GE declined to comment.
BUSINESS
May 30, 1996
Fluor Corp. said its Fluor Daniel unit was awarded a contract for under $50 million to provide engineering services for the expansion of a Saudi Arabian petrochemical complex. Once the project is completed, it will be one of the largest petrochemicals complexes in the world, producing 1.6 million tons of ethylene and more than 2 million tons of other derivative products, Fluor Daniel said. The contract was awarded by Saudi Yanbu Petrochemical Co.
BUSINESS
March 6, 1997 | Times Staff and Wire Reports
Ceridian Corp. and Control Data Systems Inc. will pay $28.5 million to settle age discrimination charges by more than 300 former employees. Both companies were created out of the former Control Data Corp., which cut 10,000 employees from 1983 to 1990 as it sold or closed many of its businesses. Neither company admitted wrongdoing. . . . The president of Chicago-based CNA Financial Corp.'s life insurance unit resigned after he was accused of making offensive comments to two female employees. . .
BUSINESS
May 22, 2007 | From the Associated Press
General Electric Co. said Monday that it would sell its plastics division for about $11.6 billion in the latest move to reshape one of the world's largest companies. GE said it would use the proceeds from the sale to petrochemical manufacturer Saudi Basic Industries Corp. primarily to increase its planned 2007 stock buyback program. It now expects to buy back $7 billion to $8 billion in stock, up from the previous plan of $6 billion. The deal is expected to create a net gain, after taxes, of $1.
BUSINESS
April 29, 2002 | From Reuters
Saudi Arabia is considering privatizing some of the operations of state-owned Saudi Aramco, the biggest oil-producing company in the world, Saudi Oil Minister Ali Ibrahim Naimi said. Naimi, addressing Saudi Aramco staffers in Houston on Saturday, did not elaborate. But Western and Saudi industry sources said they believed he was referring to Saudi Aramco's ancillary operations and not the kingdom's key oil and gas facilities.
BUSINESS
October 12, 2005 | From Associated Press
Exxon Mobil Corp. will spend an estimated $571 million for pollution controls at seven oil refineries, including its Torrance plant, in a settlement over alleged violations of clean air laws, the Justice Department and the Environmental Protection Agency said Tuesday. The world's largest publicly traded oil company also will pay fines totaling $8.7 million and spend $9.
BUSINESS
May 3, 2004 | From Bloomberg News
Crude oil futures in New York may decline this week, according to a Bloomberg News survey of 42 traders and analysts, after a rally last week boosted prices 2.5%. "Gasoline and crude oil have had a tremendous build-up on factors that have been well known for months, which is a setup for a massive fall," said Tim Evans, senior energy analyst with New York-based researcher IFR Markets.
BUSINESS
May 22, 2007 | From Times Wire Services
U.S. stocks finished mostly higher Monday amid a continuing stream of takeover news, pushing the Standard & Poor's 500 index briefly above its 7-year-old record close. Seen by many as the best gauge of the U.S. stock market, the S&P 500 surpassed the 1,527.46-point mark at mid-session, reaching as high as 1,529.87, before falling back to close at 1,525.10 points, up 2.35, or 0.2%. The index stayed well below its all-time trading high of 1,552.
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