Sartor’s decision on acquisition of Ineos Vinyls Italia oscillating

01-Apr-09

By extending the period over which Sartor could settle his multi million euro debt with raw material supplier Eni, a stumbling block was deemed to have been overcome earlier this month. Just when the acquisition of Ineos Vinyls Italia by Sartor, through his company Safi, seemed to have been okayed, a major hurdle was struck by way of the prospective buyer accusing Ineos of with holding back vital information regarding debt and other unknowns till the final stages, instigating him to walk out of the deal. This put in jeopardy, the future of the production of PVC and VCM at the company’s Porto Marghera, Porto Torres and Ravenna sites. Just when a deadlock was reported to have been reached after months of negotiations, it seems that the buyer Fiorenzo Sartor has been persuaded back to the negotiation table. This could result in yet another preliminary agreement which could bring about the inking of the deal.