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 +

Wed 9 Sep 2015 05:25 PM

Font Size

- Aa +

Kuwait's Americana says not aware of stake bids after share rise

Board says there have been no developments that would cause unusual trading in its shares after 14% spike

Kuwait's Americana says not aware of stake bids after share rise

The board of Kuwait Food Co, better known as Americana, is not aware of any bids for a stake in the company and there have been no developments that would cause unusual trading in its shares, the firm said on Wednesday.

Americana, backed by Kuwait's billionaire al-Kharafi family, has seen its shares rise 14 percent in the last three days after Bloomberg said that Singapore's Temasek Holdings and Saudi's Savola Group have teamed up to bid for the Kuwaiti firm in a potential deal valuing the company at between $4 billion and $5 billion.

Americana has a market value of around $3.11 billion according to Thomson Reuters data.

The company said in a statement neither its board nor executive management had received any bids or related information from Al Khair Company, referring to the entity which owns the Kharafi's 66.8 percent stake.

Americana's shareholders have been in talks since early 2014 about selling a stake in the firm with private equity funds KKR and CVC previously among the main contenders.

Arabian Business: why we're going behind a paywall

For all the latest market 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.