City dealmakers are launching a final push to clinch the £1.6 trillion float of Saudi Arabia’s state oil giant Aramco in last-ditch talks this weekend.
Executives from the London Stock Exchange, investment company Standard Life Aberdeen and consultant PwC are jetting into Riyadh to talk up the City.
Prime Minister Theresa May, seen here receiving a gift from Saudi King Salman, pitched the benefits of the London Stock Exchangeto Saudi leaders in April this year
The city picked to host Aramco can expect to make billions of pounds in fees, boost its tax revenues and earn bragging rights as host to the world’s largest public company.
In London, the Financial Conduct Authority has already infuriated major investors by pledging to water down its rules so that Aramco can float more easily.
Although securing the float would be a major coup for London, only about 5 per cent of the company is likely to be sold.
Many investment companies are concerned that owning such a small stake would force them to support the business without having any control over it.
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