Home Industry Finance Saudi Takween To Buy Savola Packaging Unit For SAR910m The purchase will be financed through a syndicate of Saudi banks, to be announced later and conditional on Takween shareholders’ approval, a statement said. by Reuters December 31, 2014 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 SAR910 million ($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. 0 Comments