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March 27, 2007

Saudi firm eyes GE plastics for $12B

FAIRFIELD, Conn. (AP) — A Saudi firm is putting together a bid of as much as $12 billion for the plastics division of General Electric, the Financial Times reported Monday.

The newspaper, citing unidentified sources, reported that Saudi Basic Industries Corp., the Middle East's largest petrochemicals producer, has appointed Citigroup to prepare an offer in advance of the first round of an auction of the division in mid-April.


 
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