Lactalis has agreed to acquire Romanian dairy producer Albalact in a deal reportedly worth around €65m.
The French company has agreed deals with four separate parties to acquire their combined holding of 70.3%, bolstering its position in the Romanian market. Lactalis first entered Romania in 2008 when it bought Bucharest-based dairy producer La Dorna.
If the deal meets all applicable closing conditions, it is expected that Lactalis will launch a public takeover bid to acquire the remaining shares in Albalact. The western Romanian company is believed to have assets adjusted for debt of €64m.
But there was “no certainty that the agreement will be implement at the price illustrated above, or at all,” Albalact told the Bucharest Stock Exchange.
It was also revealed yesterday that investment company Reconstruction Capital had agreed to sell its 25% stake in Albalact to Lactalis for around €89.55m, with that part of the deal expected to be completed by June.
Albalact operates a number of brands, principally across the milk, yogurt and drinking yogurt categories but with additional products in sour cream, cheese, butter and its Frupt line of fruit juices. It is Romania’s largest dairy producer.
Source: FoodBev.com
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