Thai Firm Cites Russian War in Ukraine to Exit €560 Million Deal
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Stark Corp. Pcl, a Thai maker of electrical components engulfed in an accounting scandal, has cited Russia’s war in Ukraine as a reason for pulling out of an agreement to buy a German maker of automotive cable solutions for €560 million.
The deal between Stark and Leoni AG and Leoni Bordnetz-Systeme GmbH for Leoni Business Group Automotive Cable Solutions allowed the buyer to withdraw if there was a military attack against any sovereign countries in jurisdictions in which it operated and that had a material impact on its financials, the Thai firm said in an exchange filing Monday.