Minority shareholders in Israeli foodmaker Osem approved Swiss food giant Nestle’s buyout offer, paving the way for completion of the deal.
Osem in a statement to the Tel Aviv Stock Exchange on Thursday did not provide further details.
Nestle last month offered 3.3 billion shekels ($857 million), or 82.5 shekels per share, for the Osem shares it does not own in a deal valuing the company at 9.13 billion shekels.
Nestle already owns 63.7 percent of the company, while institutions hold 7 percent.
Ahead of the vote, Israeli consultancy Entropy – whose clients are institutional investors – said the valuation Nestle offered is too low and less than other purchases by Nestle in recent years. Osem, Israel’s third-largest foodmaker, rejected the argument, saying the terms were fair.
By Steven Scheer
Source: Reuters
Danone has appointed Carla Hilhorst to the newly created position of senior vice president of research and innovation categories and zones, as the company looks to make science the heart of its business. Hilhorst, who brings over 30 years of experience in research and innovation, will report directly to Isabelle Esser, Danone’s chief research, innovation, quality and food safety officer.
The move, part of Pernod Ricard’s strategy to enhance its premiumisation efforts, will allow the company to focus more resources on its portfolio of premium international spirits and champagne brands that drive the growth of its business. This decision aligns with the company’s commitment to delivering sustainable value for shareholders, employees, clients and partners.
Schai – who is the current CEO of Swiss chocolate company Lindt & Sprüngli’s Australian operation – has previously worked with Aryzta from 2015-2018, where he served in roles including managing director for Asia Pacific and global strategic business lead (McDonald’s). The fast-food giant McDonald’s is one of Aryzta’s significant clients.
