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How Riyadh’s Saudi Aramco ambitions were thwarted

Bankers had to deliver news to angry chairman that investors valued oil group at well below $2tn target

Some of the world’s top investment bankers gathered at a Riyadh palace on Saturday to deliver their final recommendations on a project that had consumed the government of Saudi Arabia for the past few years: the initial public offering of Saudi Aramco. The financiers were there to meet Yasir al-Rumayyan, the state oil company’s chairman…

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