Turkish glass raw materials supplier and manufacturer We Soda has cancelled plans to float on the London Stock Exchange.

Its CEO said UK investors "remain extremely cautious" and We Soda was unable to reach a fair valuation.

Alasdair Warren said: "This extreme investor caution in London meant that we were unable to arrive at a valuation that we believe reflects our unique financial and operating characteristics."

We Soda reportedly wanted to raise £600m through a flotation, valuing the firm at more than £6bn.

It is the world’s largest largest producer of natural soda ash, a vital raw material used in glassmaking. It is owned by the Ciner Group, which also owns the Park Cam container glass production company as well as Ciner Glass, which aims to build glass facilities in UK and Belgium.