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Saudi Takween to buy Savola packaging unit for 910 mln riyals

January 1, 2015
Consumer Packaged Goods
(Reuters) – 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 910 million riyals ($242.5 million).
 
The firms reached agreement the price for Savola Packaging Co (Target) after due diligence but the purchase remains conditional on regulatory approval, Takween said in a bourse statement.
 
The purchase will be financed through a syndicate of Saudi banks, to be announced later and conditional on Takween shareholders’ approval, the statement said.
 
Savola said in July it had entered a non-binding agreement with Takween to sell its entire stake in Savola Packaging Co as it looked to focus on its core sectors of food and retailing.
 
($1 = 3.7523 riyals) (Reporting by Nadia Saleem; Editing by Andrew Torchia)

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