Saudi Aramco acquires 10 % equity interest in Geely-Renault joint venture company ...Middle East

RIYADH: Saudi Arabian Oil Company, commonly known as Saudi Aramco, has signed definitive agreements to acquire a 10 per cent equity interest in HORSE Powertrain Limited, a global powertrain solutions company formed by Renault Group and Chinese automaker Geely Auto Group, Xinhua quoted the Saudi Press Agency (SPA) report on Saturday.According to a statement by Aramco, after the acquisition, Renault and Geely will each retain a 45-per cent equity stake, and the price to be paid by Aramco at closing, which is subject to customary closing conditions including the receipt of regulatory approvals, will be based on an enterprise valuation of €7.4 billion (US$7.93 billion).The investment aims to enh

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