Sector News

Nestle to buy rest of Israeli foodmaker Osem for $840.5 mln

February 4, 2016
Consumer Packaged Goods

(Reuters) – Nestle has agreed to buy the remaining 36.32 percent of Israeli foodmaker Osem for 3.3 billion shekels ($840.5 million), Osem said on Thursday.

Nestle is to buy 40.2 million shares at 82.5 shekels per share, above Wednesday’s closing price of 65.71 shekels.

At a market value of 7.3 billion shekels, Osem is Israel’s largest publicly traded foodmaker.

In a statement to the Tel Aviv Stock Exchange, Osem said the deal, which still is subject to various approvals, valued the company at 9.13 billion shekels.

Nestle currently owns 63.7 percent of Osem. Another 29.4 percent is traded on the Tel Aviv bourse.

Nestle in November had previously offered 80 shekels a share to buy the rest of Osem, the company said.

($1 = 3.9261 shekels) (Reporting by Steven Scheer and Ari Rabinovitch; editing by Jason Neely)

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