La Seda cancels Interquisa deal

Spanish polyethylene terephthalate (PET) maker La Seda de Barcelona has called off its deal to purchase purified terephthalic acid maker Interquisa from Cepsa, a Spanish oil company. The purchase, announced last month, was valued at $760 million and involved the transfer of a 12% stake in La Seda to Cepsa. However, La Seda decided to suspend the deal in light of its declining stock price. Interquisa's plants in Spain and Canada would have provided feedstock to La Seda's PET business. La Seda says it will focus on integrating the PET plant in San Roque, Spain, that it acquired from Eastman Chemical last year.