Sector News

Saudi Takween to buy Savola packaging unit for 910 mln riyals

January 1, 2015
Food & Drink
(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)

Related News

April 10, 2021

Crown agrees to sell its EMEA food packaging unit in €2.25bn deal

Food & Drink

Crown’s European Tinplate business is one of the largest manufacturers of steel and aluminium food packaging in Europe, operating 44 manufacturing facilities in 17 countries across Europe, the Middle East and Africa.

April 10, 2021

Nestlé opens new plant-based food production site in Malaysia

Food & Drink

The facility, which marks the first in ASEAN and second in Asia, will cater to the rising local demand for plant-based food, as well as exports. It joins the company’s plant-based food facility in Tianjin, China.

April 10, 2021

DSM invests $100m in launch of personalised nutrition company

Food & Drink

The newly-formed company seeks to disrupt the nutritional marketplace by creating brands that target various health conditions.

Send this to a friend