PHILIPPINES: FrieslandCampina to control Alaska Milk Corp.
Dutch dairy giant FrieslandCampina has taken a majority stake in Philippines firm Alaska Milk Corp.
FrieslandCampina, which is already an investor in AMC, is acquiring a batch of shares from the Uytengsu family, which founded and control AMC. The deal could be worth US$302.5m and will take FrieslandCampina's stake in AMC from 8.1% to 68.9%. It will launch a tender offer for the remaining publicly traded shares.
FrieslandCampina is already present in markets across Asia, including Thailand, Vietnam and Indonesia.
AMC, which generates annual sales of over PHP12bn, sells canned, powdered and ready-to-drink milk in the Philippines.
"Adding AMC gives us a strong, high-growth platform in the Philippines and access to a market of around 100 million customers," FrieslandCampina CEO Cees 't Hart said. "AMC's management has already built up an outstanding position in the Philippine market. Together we can expand this position by introducing tried and tested FrieslandCampina concepts that have been successful in other parts of the world."
Wilfred Steven Uytengsu will continue to lead AMC's management team as president and CEO and will remain a director of the company. "We expect this historical agreement to propel AMC to its next stage of growth and that the products developed by FrieslandCampina will strengthen our positions in all dairy categories. The intended integration will provide AMC with access to an international dairy company that has production plants in 25 countries and with products that are sold in over 100 countries worldwide."
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