Acquisition of Lotte Chemical’s assets in Pakistan fails
by ChemOrbis Editorial Team - content@chemorbis.com
According to media reports, Pakistan’s Lucky Core Industries dropped the acquisition of Lotte Chemical’s subsidiary, Lotte Chemical Pakistan. The company abandoned the acquisition because it was unable to fulfil the conditions within the stated period reportedly.
Lucky Core Industries signed a share purchase agreement (SPA) on January 26, 2023, with Lotte Chemical to acquire a 75% stake in Lotte Chemical Pakistan. The company announced its decision to terminate the sale on the Pakistan Stock Exchange (PSX) on Friday.
In 2023, South Korea’s Lotte Chemicals announced they considered selling its assets in Pakistan.
Previously, Pakistan’s petrochemical company Novatex also showed interest in Lotte Chemical’s Pakistan assets. However, the company withdrew its offer to acquire 75% of Lotte Chemical Pakistan. Novatex said that the parties did not agree on the terms of the transaction.
Lucky Core Industries signed a share purchase agreement (SPA) on January 26, 2023, with Lotte Chemical to acquire a 75% stake in Lotte Chemical Pakistan. The company announced its decision to terminate the sale on the Pakistan Stock Exchange (PSX) on Friday.
In 2023, South Korea’s Lotte Chemicals announced they considered selling its assets in Pakistan.
Previously, Pakistan’s petrochemical company Novatex also showed interest in Lotte Chemical’s Pakistan assets. However, the company withdrew its offer to acquire 75% of Lotte Chemical Pakistan. Novatex said that the parties did not agree on the terms of the transaction.
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