Saudi Arabia’s largest food firm Savola Group has entered into final negotiations with Takween Advanced Industries on the sale of Savola’s packaging unit, Takween said on Sunday.
The two firms extended talks in November and set a Dec. 31 deadline for finalising the purchase price for all shares in Savola Packaging Co. They are still determining the value of the company, Takween’s statement on Sunday said without mentioning any new deadline.
Implementation of the deal would depend on approval by related government agencies.
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.