SABIC puts bid for Polimeri Europa on hold

MILAN, Italy (April 3)—Saudi Arabia's Saudi Basic Industries Corp. has halted its bid to acquire a controlling interest in polymers producer Polimeri Europa from Italy's Eni Group, pending a review of its business plan. Polimeri Europa includes EniChem's elastomers business since Jan. 1. While due diligence was completed at the end of February, "SABIC asked for an additional period of time in order to revise its business plan," the Italian group said. The companies had expected to agree on terms for the sale of a 51-percent stake in the petrochemicals subsidiary by the end of March. The delay is due to changes in the plastics market and "issues recently emerged in some of the industrial plants involved in the negotiations," Eni said. Negotiations may continue as soon as this revision is carried out, it added.