Published: January 8, 2012
Saudi Arabian engineering group aims to acquire French street lamp company.
Saudi Arabian engineer Al Babtain Power & Telecommunication Company has made an offer to buy most of the assets of Petitjean, a French company specialising in outdoor lighting, currently under bankruptcy proceedings.
In a statement to the Saudi Arabian stock market announcing the offer, Al Babtain said: “This offer for acquisition is consistent with the geographical expansion strategy of Al Babtain’s business. In addition, with their respective market positions, Al Babtain and Petitjean would mutually reinforce and complement each other.”