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ISTANBUL (Turkey), January 13 (SeeNews) – Netherlands-based polyethylene terephthalate (PET) producer Indorama Netherlands has received the Turkish Competition Authority’s approval to acquire 51% of local polyester products maker Sasa Polyester Sanayi, the regulator said.
Indorama Netherlands will purchase the stake from Turkish conglomerate Sabanci Holding [BIST:SAHOL], the competition watchdog said in a statement on Monday.
Sabanci Holding announced in April 2014 that it had agreed to divest its 51% stake in Sasa Polyester to Indorama Netherlands for $62 million (52 million euro) in cash.
Indorama Netherlands is a subsidiary of Thailand-based integrated polyester chain producer Indorama Ventures Public Co Ltd.
($ = 0.845 euro)