Sunday, Dec 18, 2011
(This item was originally published Saturday.)
BEIRUT (Zawya Dow Jones)--Saudi Paper Manufacturing Co. (2300.SA), or SPMC, Saturday said it has scrapped a plan to acquire a 51% stake in Cellulose du Maroc--a Moroccan wood pulp producer.
Talks over the acquisition of the stake have stopped because current and potential future developments in the wood pulp market aren't likely to result in added value to shareholders if the deal is concluded, SPMC said in a statement posted on the Saudi bourse website.
SPMC, a manufacturer of hygienic tissue paper, said in the statement that earlier this year it signed a memorandum of understanding for the acquisition of the stake with Cellulose du Maroc's owner Morocco's Caisse de Depot et de Gestion, or CDG.
-By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
(END) Dow Jones Newswires
18-12-11 0352GMT
