The Competition Commission of Pakistan (CCP) has granted approval to three mergers concerning Saudi Iron and Steel Company (Hadeed), having a presence in Pakistan’s steel market. The overall transaction comprises of restructuring of two entities divided into three stages of transactions, according to press statement issued by the commission here Saturday. Based in the Saudi Arabia, Hadeed is a well-established company, producing a range of steel products. It deals in spot sales in Pakistan’s steel market and exports to Pakistan through international traders. Initially, the Public Investment Fund (PIF) sent a pre-merger application to CCP to acquire 100% shareholding of Hadeed from Saudi Basic Industries Corporation (“SABIC”). PIF is a sovereign wealth fund of Saudi Arabia and known for its diverse investments in various sectors globally. PIF has entered into a share purchase agreement with SABIC, under which SABIC agrees to sell its entire share capital of Hadeed to PIF.