SOUTH AFRICA/ITALY: Cirio stoops to conquer Del Monte
Italian food multinational Cirio is poised for to take 100% control of Del Monte Royal Holdings , the South African fruit and vegetable company and is ready to pay Lit430bn for the shares still controlled by South African interests. The reports on Cirio's willingness and ability to buy the remaining shares (Cirio has already bought 70% of Del Monte shares) is pushing the value of Cirio's shares on the stock exchange. They gained 4% (up to €0.23) at the close of markets Friday, 17 September 2000 after heavy trading (9.5 million shares changes hands compared to the daily average of 2.2 million shares).Analysts say the Cirio-Del Monte saga is at its final act after approval by the South African Stock Exchange for Cirio's offer to buy the remaining stocks. Cirio will pay Lit240bn for Del Monte's floating stocks and Lit190bn to Vivien Imerman, the South African entrepreneur who still owns 24% of the shares of Del Monte. Cirio says it has already raised that sum through recent Eurobonds.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-food gives you the widest food market coverage.
Paid just-food members have unlimited access to all our exclusive content - including 17 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Dean Best, editor of just-food
- just-food 2017 Survey - your thoughts on growth
- 2017 - what will shape the UK food sector?
- Food market in 2017: need-to-know US trends
- Food market in 2017: big foodservice trends
- Could BRF's Turkey move pave way for OneFoods IPO?
- Ferrero insists Nutella not pulled from shelves
- UK's Bakkavor plays down IPO "speculation"
- Dairy giant Muller appoints new CFO, COO
- PepsiCo launches Walkers Mediterranean in UK
- Kellogg announces new "nutritious" line-up