Arla quits race for Arab Dairy
Arla drops Arab Dairy bid
Arla has withdrawn from the race to acquire Egypt-based Arab Dairy Products Co, the European dairy cooperative revealed today (3 December).
Arab Dairy has attracted takeover offers from France's Lactalis, Saudi's Arrow Food Distribution and investment firm Pioneers Holding, which presently holds a 25% stake in the group. Arla said it decided to drop its offer having completed due diligence.
"Our conclusion, based on the due diligence, is that we shall not place a final tender offer for Arab Dairy," Finn Hansen, EVP for Arla's international business, said.
However, Hansen stressed that alternative options to enter Egypt are still being explored. "Egypt is, however, still an interesting market for us and we are working on alternative options to enter the market soon," he said.
Arla decides not to bid for Egyptian dairy Arla Foods - Dec 03, 2014 08:00 CET
After a thorough investigation into Arab Dairy Product Company, Arla has decided not to place a final offer. Alternative options to enter the Egyptian market are now being explored.
Since Arla made a non-binding bid for all shares in the listed Egyptian dairy company, Arla Foods and its team of advisors have conducted a thorough due diligence exercise concerning Arab Dairy Product Company.
"Our conclusion, based on the due diligence, is that we shall not place a final tender offer for Arab Dairy. Egypt is, however, still an interesting market for us and we are working on alternative options to enter the market soon," says Finn S. Hansen, Executive Vice President for Arla's international business group.
Arla Foods is an international dairy company owned by 13.500 farmers from Denmark, Sweden, the UK, Germany, Belgium, Luxemburg and the Netherlands. Arla Foods is one of the strongest players in the international dairy arena, with a wide range of dairy products of highest quality. Well-known brands like Lurpak® and Castello® belongs to the Arla family. Arla Foods is also the world's largest manufacturer of organic products.
Original source: Arla
- General Mills sales woes continue - analysis
- Comment: Meal kits in US - don't believe the hype
- Why personalisation will take-off in US food
- US food next wave on display at Winter Fancy Food
- Analysis: Chocolate sector's deforestation pledge
- UK own-label firm Park Cakes sold in MBO
- Unilever 'lining up spreads sale'
- Kraft Heinz cuts jobs in US, Canada
- Immigration crackdown "risk" for US dairy industry
- Fonterra cuts earnings forecast