Saudi Aramco, the world's largest oil company, has changed its mind and has called off its planned initial public offering while disbanding the group of advisers it recruited to help take the Saudi-owned company private, Reuters reported.
That group of advisers may have included JPMorgan (JPM - Get Report) , Morgan Stanley (MS - Get Report) and HSBC (HSBC) , which Reuters has previously identified as being global coordinators for the potential debut.
Saudi Arabia will instead shift its attention to the acquisition of a "strategic stake" in local petrochemicals maker Saudi Basic Industries Crop 2010.SE, according to Reuters' sources.
Stock exchanges around the world have been vying to host the international tranche of the potential share sale.
Saudi Aramco was supposed to reveal which exchange would host its debut at the end of 2017, but delayed that decision without explanation.
The Saudi Aramco IPO was seen as possibly the largest IPO in history with Saudi Crown Prince Mohammed bin Salman estimating that the company was valued at $2 trillion or more.