Mondi PLC (LSE:MNDI) has scrapped a deal with an investment vehicle owned by Russian billionaire Viktor Kharitonin for its largest plant in Russia, as there.
JSE-listed paper and packaging company Mondi has advised that it is withdrawing from an agreement to sell its most significant facility in Russia, the Joint Stock Company Mondi Syktyvkar, together with two affiliated entities, to Augment Investments following recent discussions on the latter's lack of progress in gaining the necessary approvals to complete the transaction. "The disposal to Augment will, therefore, be terminated and will not complete. The Mondi board remains committed to divest Syktyvkar and will continue to assess all alternative divestment options," the company said.
(Reuters) - Must saMondi Plc on Monday said it terminated a 95 billion rouble ($1.17 billion) deal to sell its largest plant in Russia to an investment vehicle owned by Russian billionaire Viktor Kharitonin due to a "lack of progress" in getting approvals. | 08:22am
JSE-listed packaging and paper producer Mondi said on Monday the sale of its most significant facility in Russia, Mondi Syktyvkar, had fallen through due to a failure to secure regulatory approvals in the country.