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Takween Advanced Industries to acquire Savola's plastics packaging business

3:17 AM MDT | July 23, 2014 | Natasha Alperowicz

The Savola Group (Jidda, Saudi Arabia) on Tuesday signed a nonbinding memorandum of understanding (MOU) and commenced exclusive discussions with Takween Advanced Industries (Al Khobar, Saudi Arabia) to sell Savola's wholly owned packaging subsidiary. The proposed transaction is subject to conditions and approvals. These include completion of due diligence by Takween and the subsidiary, the two entering into definitive agreements, approvals by the board of directors, as well as other shareholder and regulatory consents. Takween has appointed HSBC's Saudi Arabia...

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