Uzan Group Renews Petkim Proposal

The new proposal includes a cash increase of $305 million, an AdaBank letter of guarantee, and a guarantee of shares for the rest of the payment.

A statement issued by Standart Kimya pointed out that the company had agreed to pay the $605 million in three equal installments and had secured a letter of guarantee, both in accordance with the bidding contract. However, the Supreme Board of Privatization did not find the letter of guarantee adequate.