We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Mon 18 Aug 2014 04:34 PM

Font Size

- Aa +

Kuwait's Americana says no knowledge of Savola acquisition talks

A recent meeting between the two companies was intended only to discuss the possibility of joint cooperation in certain fields

Kuwait's Americana says no knowledge of Savola acquisition talks

Kuwait Food Co (Americana) said on Monday that it had no knowledge of any talks with Saudi Arabia's Savola Group on a possible acquisition of Americana.

"The board and executive administration deny knowledge of any negotiations with Savola regarding an acquisition of Americana," the Kuwaiti company said in a statement to its stock exchange.

A recent meeting between the two companies was intended only to discuss the possibility of joint cooperation in certain fields and markets; the meeting did not result in any development requiring disclosure, Americana said.

It added that its shares, suspended since last Thursday pending clarification of the issue, were expected to resume trading within an hour.

Savola said last Wednesday that it had begun preliminary talks on a potential acquisition of Americana. It said it had attended an investor roadshow held by Americana's management, but talks had not yet reached a stage that would require disclosure.

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.

Arabian Business: why we're going behind a paywall

For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.