Saudi's Savola confirms talks on Americana stake deal

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Major Saudi Arabian food producer Savola Group said on Tuesday it had conducted preliminary talks with one of the largest shareholders in Kuwait Food Co (Americana) on a potential purchase of that shareholder's stake.

Savola said it had signed a non-disclosure agreement with the shareholder, and repeated that it had not entered into any binding commitments.

The Saudi company did not name the shareholder. Reuters reported in April that the al-Kharafi family, the billionaire majority shareholder in Americana at 66.8 percent, had hired investment bank Rothschild to explore a possible sale of the business.

Savola said last week that it had begun preliminary talks on a potential acquisition of Americana and that it had attended an investor roadshow held by Americana's management. US private equity firms are also believed to have expressed interest.

On Monday this week, however, Americana issued a statement saying it had no knowledge of any talks with Savola on a possible acquisition.

Related:

Market Performance

Kuwait Food Company - Kuwait
3080.0
0.0 0.0 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Q&A with Noor Bank

Q&A with Noor Bank

Kazim Ali, head of corporate banking at Noor Bank, discusses...

Saudi bank's $6bn IPO ignites religious controversy

Saudi bank's $6bn IPO ignites religious controversy

Plans by National Commercial Bank have prompted some clerics...

Dubai flexes legal muscles as financial court system grows

Dubai flexes legal muscles as financial court system grows

Landmark ruling by the court system in Dubai's financial free...

Most Discussed