Thai PET giant Indorama and Turkish conglomerate Hacı Ömer Sabancı Holding have agreed not to pursue a sale to transfer 51% of Adana-based polyester and PET producer Sasa Polyester Sanayi to a Dutch subsidiary of Indorama.

The planned deal for the company listed on the stock exchange but wholly owned by Sabanci was announced in April 2014. Under the terms, Indorama was to initiate a mandatory tender offer for the shares.

Both companies said they have "mutually agreed" to bury the plans, without giving further details.

Sasa Polyester Sanyi produces textiles and packaging materials, including polyester fibers and yarns, PET resin and PET bottles for the beverage industry, and edible oil bottles. It also operates a PET bottle recycling plant.

Indorama said it wanted to concentrate on the PET business in Turkey and was not interested in the textile activities.

The Thai group, world's largest player in PET, is in the process of acquiring a 252,000 t/y production facility in Corlu, Turkey, built by a Turkish offshoot of the India-based global PET film manufacturer Polyplex.