US-based investment firm Strategic Value Partners (SVP) has ended talks regarding the potential €1.5bn buyout of German packaging maker Kloeckner Pentaplast over asking price.

The move comes as SVP received offers below its asking price, Reuters reported.

The bidders who were willing to meet SVP’s price expectations could not arrange financing due to the weakened equity and debt markets. Buyout firm Apollo and American plastics group Polyone are among the bidders who were willing to acquire Kloeckner Pentaplast.

"The move comes as SVP received offers below its asking price, Reuters reported."

SVP acquired Kloeckner Pentaplast from private equity firm Blackstone, which had bought the packaging company from Cinven in 2007.

As reported by the news agency, the company postponed the attempt to sell Kloeckner Pentaplast in mid-2013 as the potential buyers expressed their inability to meet the asking price of Kloeckner Pentaplast’s owners.

Kloeckner Pentaplast recorded €174m in adjusted EBITDA and generated €1.2bn in sales during the year 2013. During the end of same year, Kloeckner had €430m in net debt.

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Founded in 1965, Kloeckner Pentaplast owns 18 production plants in 12 nations and currently employs 3,100 people. Klöckner Pentaplast produces films for packaging, printing and specialty solutions to the pharmaceutical, medical device, food, beverage and card markets, among others worldwide.

Its products include pipe insulation, card, boxmaking, decorative surface, metallizing and stationery, and food packaging films.