Takween completes due diligence to acquire Savola plastic unit

Saudi Arabia-based Takween Advanced Industries said that its financial adviser has completed the due diligence process required for the full acquisition of Savola Packaging Systems Company.

Its preliminary financial studies were submitted on Dec. 25, the company said in a statement to Tadawul, the Saudi bourse.

Takween will review the studies and launch final negotiations with Savola Group regarding the value of the agreement.

The deal is conditional upon obtaining governmental and regulatory approvals, including the go-ahead from the Council of Competition Protection.

The company said there are no related parties involved in the transaction.

Takween’s financial adviser suggested that the company should fully fund the transaction through a credit from a group of Saudi banks. The company will announce the participating banks when the deal is completed.