(Reuters) – Nestle has agreed to buy the remaining 36.32 percent of Israeli foodmaker Osem for 3.3 billion shekels ($840.5 million), Osem said on Thursday.
Nestle is to buy 40.2 million shares at 82.5 shekels per share, above Wednesday’s closing price of 65.71 shekels.
At a market value of 7.3 billion shekels, Osem is Israel’s largest publicly traded foodmaker.
In a statement to the Tel Aviv Stock Exchange, Osem said the deal, which still is subject to various approvals, valued the company at 9.13 billion shekels.
Nestle currently owns 63.7 percent of Osem. Another 29.4 percent is traded on the Tel Aviv bourse.
Nestle in November had previously offered 80 shekels a share to buy the rest of Osem, the company said.
($1 = 3.9261 shekels) (Reporting by Steven Scheer and Ari Rabinovitch; editing by Jason Neely)
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.
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.
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.