ISTANBUL (Turkey), January 13 (SeeNews) – Turkish conglomerate Sabanci Holding [BIST:SAHOL] and Netherlands-based polyethylene terephthalate (PET) producer Indorama Netherlands have agreed to cancel their agreement for Indorama to acquire 51% of local polyester products maker Sasa Polyester Sanayi, Sabanci Holding said on Tuesday.
The two companies have mutually agreed to withdraw from the purchase and sale transaction even though the transaction was approved by Turkey’s competition regulator, Sabanci Holding said in a bourse filing. The company did not disclose reasons for the decision.
The Turkish Competition Authority announced on Monday it has approved the acquisition of a 51% stake in local polyester products maker Sasa Polyester Sanayi by Indorama Netherlands.
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)