Sector News

Saudi’s Savola, Takween extend talks over potential plastics unit sale

November 7, 2014
Energy & Chemical Value Chain
(Reuters) – Savola Group, Saudi Arabia’s largest food products firm, has agreed a seven-week extension to talks with Takween Advanced Industries over the sale of its plastics business, both companies said on Thursday.
 
Savola said in July it had entered a non-binding agreement with Takween to sell its entire share capital in Savola Packaging Co as it looked to focus on its core sectors of food and retailing.
 
Talks about a potential deal between the two companies had been due to end on November 11. But in separate statements to the Saudi bourse on Thursday, the firms said they had agreed an extension to allow both sides more time to conclude due diligence and negotiations.
 
The new deadline for the agreement would now be December 31, the statements added.
 
Savola, which reported a 53.3 percent increase in third-quarter net profit last month, in September appointed JP Morgan to advise on its potential purchase of a stake in Kuwait Food Co (Americana).
 
Americana this week said a major shareholder was in preliminary talks with “various parties” to sell its stake in Americana but no agreement had been reached.
 
(Reporting by Tom Arnold; Editing by David French)

comments closed

Related News

May 4, 2024

Heikki Malinen appointed as the President and CEO of Neste Corporation

Energy & Chemical Value Chain

Neste Corporation’s Board of Directors has appointed Heikki Malinen, M.Sc. (Econ.), MBA (Harvard) as the President and CEO of Neste as of 2 November 2024, at the latest. Malinen joins Neste from Outokumpu Corporation where he has held the position of President and CEO since 2020.

May 4, 2024

Rossouw to step down as Sasol CFO in October

Energy & Chemical Value Chain

Petrochemicals company Sasol has announced that CFO and executive director Hanré Rossouw will step down from his position, effective October 31. Sasol has started the process to appoint a successor. Rossouw will still oversee the publication of Sasol’s reports for the financial year ending June 30, to allow for a structured handover period.

May 4, 2024

Chemours CFO Jonathan Lock resigns following code of ethics violations

Energy & Chemical Value Chain

Chemours announced its CFO Jonathan Lock has resigned from all positions within the company, according to an SEC 8-K filing on April 23. The resignation comes in the aftermath of the company announcing that Lock, former CEO Mark Newman, and principal accounting officer Camela Wisel, had been placed on administrative leave.

How can we help you?

We're easy to reach