Mondi terminates $1.17bn Russian plant sale

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UK paper and packaging maker Mondi on Monday said it was terminating a $1.17bn sale of its largest Russian plant to an investment vehicle owned by a Russian billionaire due to a "lack of progress" in getting he required approvals.

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A deal to sell Mondi Syktyvkar, a pulp, packaging paper and uncoated fine paper mill located in the capital of Russia's Komi Republic to Augment Investments - controlled by Russian billionaire Viktor Kharitonin - was agreed in August last year. Shares in the firm were down 3% in London on the news.

Mondi said it "remained committed to divest the plant and will continue to assess all alternative divestment options".

A deal to sell three of its Russian packaging converting operations to Moscow-based Gotek Group for 1.6 billion roubles agreed in December remained in progress, Mondi said.