Sector News

Lactalis subsidiary tops rival bid for Egypt’s Arab Dairy

January 16, 2015
Food & Drink
(Reuters) – A subsidiary of Europe’s biggest dairy group Lactalis has raised its offer for Egypt’s Arab Dairy to 60.5 Egyptian pounds ($8.43) per share, topping a rival bid from Pioneers Holding as a takeover battle heats up.
 
The revised bid values Arab Dairy at 363 million Egyptian pounds ($50.5 million) against $49.68 million for the latest Pioneer offer.
 
Egypt’s market regulator said in a statement 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. 1 from Jan. 22.
 
Pioneers, a financial firm that already owns 25 percent of Arab Dairy, increased its offer for the company to 59.20 pounds per share last week, topping the previous offer of 58 pounds from Lactalis.
 
Pioneers originally bid 56 pounds a share for the Egyptian cheesemaker in August but has been forced to increase its offer price after a slew of 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.
 
U.S. group Kellogg, the world’s largest breakfast cereal maker, this week won a prolonged takeover battle for Egyptian snackmaker Bisco Misr. (Reporting by Lin Noueihed; editing by Vincent Baby)

comments closed

Related News

February 4, 2023

Unilever names FrieslandCampina’s Hein Schumacher as next CEO

Food & Drink

Schumacher will replace Alan Jope, who announced his decision to retire last September, 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.

February 4, 2023

Tetra Pak execs flag plant-based ice cream development hurdles as indulgent offerings expand

Food & Drink

Globally, plant-based ice creams have doubled their share of the market over the last five years, according to Tetra Pack. Pea protein and coconut milk are leading the way, but Tetra Pak cites data showing that oat-based ice cream launches have doubled in the previous year.

February 4, 2023

Examining the meaning of eco-labels: Is it time for mandated methodology?

Food & Drink

A myriad of so-called eco-labels are being rolled out across various F&B products, but with no gold standard or strict rules governing precisely what the logos mean and what methodology is behind them, concerns are growing that they will confuse consumers and ultimately be counterproductive.

How can we help you?

We're easy to reach