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
Two Tetra Pak production sites in Europe are now certified to produce packaging with recycled polyethylene (rPE) polymers, according to the Roundtable on Sustainable Biomaterials (RSB) Chain of Custody mass balance attribution method.
Cargill has appointed Brian Sikes as its chief operating officer (COO), a role in which he will also serve as a management director on the company’s board.
Heineken has reached an agreement with The Coca-Cola Company and the Coca-Cola System in Brazil to redesign their long-standing distribution partnership in the country.