Saudi Arabia-based National Industrialisation Company (Tasnee) and National Petrochemical Industrialisation Company (Tasnee Petrochemicals) have announced their merger whereby Tasnee will buy the remaining shares in Tasnee Petrochemicals.

Shareholders in Tasnee Petrochemicals will sell all their shares in the company and receive a 0.77 share in Tasnee in return for each share of Tasnee Petrochemicals. Within the coming days the two companies will present agreement documentation to receive official recognition of the merger, said a statement.
Prince Alwaleed bin Talal, the majority shareholder in Tasnee, said the agreement was in line with Tasnee’s strategies to strengthen operations and to increase the company's stake in profitable strategic investments.
He said the deal was consistent with an international trend to strengthen companies through mergers.
Tasnee and Tasnee Petrochemicals chairman Mubarak Al Khafra said the merger is considered the biggest among Saudi industries.
“It is expected to form a strong international competitor capable of future growth in line with the demands of the global economy (WTO),” he said.