ESTONIA: AS Kalev consolidates dairy business
Estonian dairy firm AS Kalev Paide Tootmine yesterday (1 October) acquired 100% of fellow local dairy concern AS Tere from AS Rubla.
Rubla is the majority shareholder in Kalev, which told just-food that the move would allow it to consolidate its dairy operations into one company.
"Restructuring our dairy business into one company will benefit the group, increasing competitiveness and efficiency," a spokesperson for Kalev said.
The move is the final phase of a reorganisation of Kalev's dairy interests.
Kalev acquired 8m outstanding shares in Tere from Rubla for EUR5.11m (US$7.07m), the company revealed.
The transaction is dependant on the approval of Kalev's shareholders.
Kalev said that it expects the deal to be concluded on 18 October.
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