Aramco is not listing anytime soon

Sounds as though a “Magnificent Century” intrigue has derailed the listing of Aramco, the multi trillion Saudi oil major. I understand that teams of corporate financiers and analysts have been quietly moving on since June, and the party line is that the Saudis could not agree amongst themselves about where to get their primary listing.
My own suggestion would be to list in China, where beheadings, floggings, and stonings would not cause an uproar – the Chinese prefer to shoot dissidents and have other nasty punishments. So a Chinese listing with ADRs on NYSE and EDRs on London and European exchanges seems the right way to go.
As the listing was alleged to value Aramco at between 20 and 40 trillion dollars, and the initial float would have been upwards of a trillion, this is good news for the listed oil majors’ share prices. The rationale is that passive funds and closet indexers will no longer have to sell shedloads of BP, Shell, and Exxon to find the cash to buy Aramco, even if they need to sell other stuff later to rebalance.

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