Greece's Frigoglass says glass business sale cancelled

Frigoglass SAIC

26/02/2016 08:36

ATHENS, Feb 26 (Reuters) - Greek cooler maker Frigoglass 
 FRIr.AT  said on Friday it terminated an agreement to sell its 
glass operations to GZI Mauritius Ltd after the prospective 
buyer did not secure necessary financing for the transaction. 
    "A condition precedent was not met as GZI did not secure the 
necessary level of debt financing for the acquisition," 
Frigoglass said in a statement. 
    Frigoglass said it rejected amended offers by GZI as they 
did not reflect the full value of the glass business and were 
not in the best interest of the company. 
    The deal clinched last year was expected to be concluded in 
the current quarter.  
 
 (Reporting by Angeliki Koutantou) 
 ((angeliki.koutantou@thomsonreuters.com; +30 210 3376436; 
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net)) 
 
Keywords: FRIGOGLASS SALE/