Saudi's Takween in talks to buy Savola packaging unit

28/12/2014 18:43 AST

Saudi Arabia's largest food firm Savola Group has entered into final negotiations with Takween Advanced Industries on the sale of Savola's packaging unit, Takween said on Sunday.

The two firms extended talks in November and set a December 31 deadline for finalising the purchase price for all shares in Savola Packaging Company.

They are still determining the value of the company, Takween's statement on Sunday said without mentioning any new deadline.

Implementation of the deal would depend on approval by related government agencies.

Savola said in July it had entered a non-binding agreement with Takween to sell its entire stake in Savola Packaging Company as it looked to focus on its core sectors of food and retailing.


Reuters

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Takween to buy Savola packaging unit

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Saudi Arabia's Takween Advanced Industries said on Wednesday it had agreed to buy a packaging unit of the region's largest food firm Savola Group for SR910 million ($242.5 million).

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