Energy minister in Riyadh denies reports that world’s largest ever IPO has been cancelled

Saudi Arabia has denied reports it has cancelled plans to partially float the state oil giant, Aramco, in what has been billed as the biggest ever stock market flotation.

Reuters first reported on Wednesday that financial advisers working on the plans to sell a 5% stake in Aramco had been disbanded as Saudi Arabia instead focused on a proposed acquisition of a stake in a local petrochemicals maker.

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