Arabian Pipes halts talks on Welspun asset acquisition deal

15/01/2013 Tadawul

Arabian Pipes Co. (APC) announced halting negotiations with Welspun Middle East Pipe LLC and Welspun Middle East Pipe Coating for acquiring a portion of all of their assets.

The company stated that the halt of negotiations

will have no impact on its financial results.
 

It is worth mentioning that APC had inked a memorandum of understanding (MoU) with both companies on Saturday, April 14, 2012, for acquiring a portion of or all of their assets. It added that the MoU was extended for three months till Monday, Jan. 14, 2013.

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