Takween in talks to buy Savola’s packaging unit

July 24, 2014 4:44 am

Saudi-based Savola Group has said it has signed a non-binding agreement to sell its packaging business to Takween Advanced Industries, as it moves to focus on its core sectors of food and retailing, Reuters has reported. The company said the proposed deal would have Takween acquire the entire share capital of Savola Packaging Co (SPC). It did not disclose the value of the acquisition, which is subject to various conditions and approvals.