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Message: <blockquote data-quote="Coralin96" data-source="post: 1592" data-attributes="member: 15">The end of the world's largest initial public offeringThe Story<ul> <li data-xf-list-type="ul">A report by Reuters last week said that Saudi Aramco, the world's largest oil company, has shelved plans to IPO.</li> <li data-xf-list-type="ul">Saudi Arabia said it was untrue and that they were waiting for "optimum conditions".</li> <li data-xf-list-type="ul">The IPO was supposed to raise money for Saudi Arabia to help it diversify its economy away from oil.</li> <li data-xf-list-type="ul">There have already been struggles after Saudi Aramco could not decide whether to list in London or New York. Later, the Kingdom also said the company was worth $2trn, which left investors concerned over the company's transparency with its figures.</li> <li data-xf-list-type="ul">In the meantime, Saudi Aramco is buying a 70% stake in Sabic, a large petrochemicals firm.</li> </ul>Impact on business and law firms<ul> <li data-xf-list-type="ul">Investors are already concerned about the legal implications of Saudi Aramco's New York listing.</li> <li data-xf-list-type="ul">US law firm, White & Case is advising Saudi Aramco, and will need to prepare Saudi Aramco for the litigation suits which may affect its listing.</li> <li data-xf-list-type="ul">Under US law, terrorism legislation allows families affected by 9/11 to sue Saudi Arabia.</li> <li data-xf-list-type="ul">Saudi Aramco may also struggle to comply with onerous US regulations.</li> <li data-xf-list-type="ul">If Saudi Aramco decides to choose to list in London instead, it will struggle to meet UK regulations which require a certain class of company to list 25% of its shares on the stock exchange. The oil company only wants to list 5%.</li> </ul></blockquote>

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