Greece's Frigoglass cancels GZI deal, considers next move (updated)

Frigoglass SAIC

26/02/2016 09:29

(Adds detail) 
    ATHENS, Feb 26 (Reuters) - Greek refrigeration company 
Frigoglass  FRIr.AT  has terminated an agreement to sell its 
glass operations to GZI Mauritius after the prospective buyer 
failed to secure necessary financing for the transaction. 
    Frigoglass last year clinched a $225 million deal to divest 
all of its glass container operations in Nigeria and Dubai and 
the complementary plastic crates and metal crowns businesses in 
Nigeria to GZI, the holding company of aluminum can producer GZ 
Industries. The agreement was expected to be concluded in the 
current quarter.  urn:newsml:reuters.com:*:nL5N0YD0M5 
    "A condition precedent was not met as GZI did not secure the 
necessary level of debt financing for the acquisition," 
Frigoglass said on Friday. 
    Frigoglass said it rejected amended offers by GZI because 
they did not reflect the full value of the glass business and 
were not in the best interest of the company. Frigoglass is now 
working with key stakeholders and advisers to decide its next 
steps, the company added. 
    Shares in Frigoglass were up 3.9 percent at 0925 GMT, 
outeperforming the Athens bourse's general index  .ATG , which 
was up by 1.9 percent. 
 
 (Reporting by Angeliki Koutantou; Editing by David Goodman) 
 ((angeliki.koutantou@thomsonreuters.com; +30 210 3376436; 
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net)) 
 
Keywords: FRIGOGLASS SALE/