India's Jindal Steel ends Shadeed buyout talks
Dubai, May 15, 2010
Leading Indian industrial group Jindal Steel & Power Company on Saturday said it has discontinued talks with UAE-based Al Ghaith Holdings regarding the purchase of Shadeed Iron & Steel.
In a statement, Jindal Steel said it was not able to come to an agreement with Al Ghaith due to reasons including lack of clarity on land titles and incremental liabilities.
Late last month, the Economic Times newspaper had said Jindal Steel was close to acquiring Oman-based Shadeed for nearly $500 million.-Reuters