Trump Pushes for Record-Setting Saudi Aramco I.P.O. in U.S.

Trump Pushes for Record-Setting Saudi Aramco I.P.O. in U.S.

- in World Biz
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Saudi and foreign investors in front of the logo of Aramco, the giant oil company owned by the Saudi Arabian government. The company is weighing where to list its shares.

Credit
Fayez Nureldine/Agence France-Presse — Getty Images

LONDON — Stock markets around the world have been fighting hard for the chance to handle the stock market listing of Aramco, the giant oil company owned by the Saudi Arabian government.

But the New York Stock Exchange on Saturday gained an unusual public backer: President Trump.

In a tweet, Mr. Trump urged Saudi Arabia to pick the Big Board as the international venue for the initial public offering of Aramco. “ Important to the United States!” he wrote.

Other politicians have argued in favor of their homegrown stock exchanges, including Prime Minister Theresa May of Britain and Prime Minister Shinzo Abe of Japan, though they have done so privately. Mr. Trump, as is his habit, turned to Twitter to bolster the Big Board’s case.

Aramco, whose listing would easily be the biggest-ever I.P.O. and which is expected to be valued at several hundred billion dollars, is weighing which international stock market will list its shares.

The N.Y.S.E. has competed fiercely against foreign rivals, particularly the London Stock Exchange, for the privilege. Though Saudi officials have expressed support for choosing the New York market, which is considered to have the deepest pool of investor capital in the world, analysts say that an American listing could expose the Saudi government to lawsuits as well as stricter corporate regulations.

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