Arguments between bankers and Aramco centered on valuation
Shares started trading in Riyadh today and jumped 10%
The chairman of the world’s biggest oil company was about to lose his temper.
At a meeting in Riyadh on a sultry October evening, Achintya Mangla, one of JPMorgan Chase & Co.’s most senior bankers, had told Yasir Al-Rumayyan there was no way international investors were going to value Saudi Aramco — just weeks away from an initial public offering — at $2 trillion. Read More….