Sector News

Egypt’s Pioneers Holdings still interested in Arab Dairy bid – regulator

February 23, 2015
Food & Drink
(Reuters) – Egyptian financial firm Pioneers Holdings is still interested in bidding for Arab Dairy, the country’s regulator said on Sunday, after a rival group last week raised its offer and topped Pioneers’ bid.
 
The Egyptian Financial Supervisory Board said in a statement that Pioneers, which already owns 25 percent of Arab Dairy, had on Sunday “expressed its desire to continue in the bidding process according to a sealed bids system”.
 
The regulator said it would set out a date and location to open the sealed bids. The regulator had said on Feb. 15 that since 60 days had passed since the first offer, final offers would be made through sealed bids.
 
A subsidiary of Europe’s biggest dairy group, Lactalis, had raised its offer for Arab Dairy to 65.75 Egyptian pounds per share.
 
The revised bid values Arab Dairy at 395 million Egyptian pounds ($51.77 million) compared with around 385 million Egyptian pounds for the latest Pioneers’ offer.
 
Egypt’s market regulator said at the time it had accepted the new bid from the Lactalis subsidiary, called Al-Nour for Dairy Industries, and had extended the deadline for new bids to Feb. 22.
 
Pioneers had increased its offer for the company to 64.30 pounds per share on Feb. 8, topping the previous offer of 63 pounds from Lactalis.
 
Pioneers originally bid 56 pounds a share for the Egyptian cheese maker in August but has been forced to increase its offer price after rivals entered the fray.
 
The battle for control of Arab Dairy is part of a recent flurry of activity on Egypt’s stock exchange, signalling resurgent interest from international investors in a market looking to restore confidence after the turmoil unleashed by a 2011 uprising which ousted leader Hosni Mubarak. (Reporting by Ehab Farouk; Writing by Yara Bayoumy, editing by David Evans)

comments closed

Related News

June 24, 2022

Carlsberg announces resignation of CFO Heine Dalsgaard

Food & Drink

Carlsberg has announced the departure of its chief financial officer (CFO), Heine Dalsgaard, after six years in the position. In a statement, Carlsberg said that Dalsgaard was resigning from the post to take up the role of CFO at a private equity-backed company in a different industry.

June 24, 2022

Kellogg to split into three companies, focus on snacks

Food & Drink

Kellogg will split into three independent companies to focus on the snack business, Reuters reported Tuesday. The snacking portfolio will comprise the main business, while the North America cereal unit and the plant-based business will be spun off. The company is also considering a sale of the plant-based business.

June 24, 2022

Mondelēz to buy energy bar company Clif Bar for $2.9bn

Food & Drink

The snacks giant says the acquisition will help build on its commitment to “lead the future of snacking” in key geographies worldwide. Once the transaction is completed, Mondelēz will continue to operate the Clif Bar business from its headquarters in Emeryville, California. The snack giant will also continue to manufacture Clif Bars’ products, which include Clif Bar, Luna and Clif Kid, at its facilities in Idaho and Indiana.