Report: Saudi firm moving to buy GE plastics

March 26, 2007 22:55

A Saudi firm is putting together a bid of as much as $12 billion (€9.05 billion) for the plastics division of General Electric Co., 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. Russell Wilkerson, a spokesman for GE, which is based in Fairfield, would not comment Monday. Citigroup on Monday also would not comment.

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