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| Saudi Arabia has called off Aramco float, report suggests | Saudi Arabia has called off Aramco float, report suggests |
| (35 minutes later) | |
| Saudi Arabia is reported to have cancelled its plans to sell shares in state oil giant Aramco, which had been billed as the largest flotation ever. | |
| The group of financial advisers working on a plan to sell 5% of the company domestically and internationally has been disbanded, Reuters reports. | |
| The wire service quoted a source suggesting the decision was taken some time ago but is not being announced. | The wire service quoted a source suggesting the decision was taken some time ago but is not being announced. |
| Neither Saudi Aramco nor the Saudi Royal Court has commented on the story. | Neither Saudi Aramco nor the Saudi Royal Court has commented on the story. |
| Mohammed bin Salman, Saudi Arabia's Crown Prince had proposed the share sale as part of his economic reform agenda, bringing western regulation and scrutiny to the company. | |
| However, rumours emerged last autumn that the flotation might be cancelled. | |
| It was thought then that the government might instead sell Aramco shares privately to the world's biggest sovereign wealth funds and institutional investors. | |
| Both New York and London have vied to host the listing, which was expected to be the biggest flotation in history and would have valued Aramco at around $2 trillion (£1.55 tn). |