London and New York fight to host flotation of Saudi giant


City & Finance Reporter for the Daily Mail

The London Stock Exchange is competing with its New York rival to host what could be the biggest flotation ever.

Plans by Saudi Aramco, the world’s largest oil firm, to sell a 5 per cent stake have sparked a fierce contest to woo the business.

Officials from the New York and London stock exchanges have reportedly held talks with officials from the Saudi Arabian state-owned firm.

Fight: The London Stock Exchange is competing with its New York rival to host  the flotation of Saudi Aramco, the world's largest oil firm

Fight: The London Stock Exchange is competing with its New York rival to host the flotation of Saudi Aramco, the world’s largest oil firm

It plans to list late next year as part of the Saudi government’s plans to move the economy away from oil, valuing the shares at £70billion. 

The listing would be a huge prize for either exchange, but it is possible both could win. 

Saudi Aramco chief executive Amin Nasser has said it would take place on Saudi Arabia’s exchange, the Tadawul, and also internationally on ‘one or perhaps two bourses’.

‘We are evaluating different stock exchanges globally and we will present this to our board and shareholder,’ he added.

The LSE declined to comment last night, while the NYSE and Saudi Aramco did not respond to requests for comment.

 



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