Sector News

Israel's Osem minority shareholders approve Nestle's buyout

March 21, 2016
Food & Drink

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

comments closed

Related News

October 2, 2022

Drinktec 2022: In review

Food & Drink

In the lead-up to the world-famous Oktoberfest – which celebrates Bavarian tradition, beer and the festival spirit – Munich was already buzzing with activity by the time the doors opened to Drinktec 2022 on 12-16 September. The atmosphere was lively, with approximately 50,000 visitors from 169 countries in attendance.

October 2, 2022

Alan Jope to step down as Unilever CEO

Food & Drink

Unilever has announced CEO Alan Jope’s decision to retire from the company at the end of 2023, after five years at the helm. The announcement comes less than a year after a failed attempt by Unilever to buy GlaxoSmithKline’s consumer healthcare business and just months after activist investor Nelson Peltz joined the company’s board.

October 2, 2022

Lakeland Dairies names Colin Kelly as next group CEO

Food & Drink

Lakeland Dairies has announced that Colin Kelly will assume the role of group CEO following the retirement of Michael Hanley at the end of the year. Kelly will take up the position in January 2023, while Hanley will step down in December this year.