Saudi Arabian Oil Company signed an agreement to acquire remaining 50% stake in Arlanxeo Holding B.v. from LANXESS Aktiengesellschaft (XTRA:LXS) for €1.5 billion on August 8, 2018. LANXESS expects to receive approximately €1.4 billion in cash after deducting debt and other financial liabilities for its 50% share. Post-completion, Arlanxeo will be wholly owned by Saudi Arabian Oil Company. Arlanxeo generated sales of around €3.2 billion in 2017. The transaction is subject to approval from relevant antitrust authorities and consultation with the competent employee representative bodies. The transaction has been approved by the Boards of both Saudi Arabian Oil Company and LANXESS. On October 18, 2018, the transaction has been approved by the General Superintendence of the Brazilian Antitrust Authority. EU Commission approved the transaction on October 25, 2018. The transaction is expected to complete on December 31, 2018. LANXESS plans to use the proceeds to strengthen its financial basis and reduce net financial debt.

Matthias Horn, Murad Daghles, Gottfried Breuninger, Jürgen Schindler, Jean-Claude Rivalland, Dirk Schade, Olivier Picquerey, Thyl Haßler, Anna Kraling, Conrad Schulte-Wintrop, Sander Schouten, Heleen van der Weijer, Mathilde Lapostolle and Fabio Borggreve of Allen & Overy LLP acted as legal advisors to Saudi Arabian Oil Company. Ralph Kogge, Kai Hasselbach, Shawn der Kinderen, Maximilian Lasson, Theresa Ehlen, Bert Spijkervet, Sezer Gülcü, Helmut Bergmann, Lilly fiddler, David Beutel, René Döring, Christel Cacioppo and Désirée Kemperink of Freshfields acted as legal advisors for LANXESS. HSBC acted as financial advisor to Saudi Arabian Oil Company.