NETHERLANDS: FrieslandCampina's Imlek, Mlekara Subotica bid falls through
FrieslandCampina said the parties were “unable to reach agreement” on the terms of the transaction
FrieslandCampina's bid to buy majority stakes in Balkans dairy processors Imlek and Mlekara Subotica has fallen through after talks with the companies' owners ended.
FrieslandCampina and the owner of the Serbia-based firms, Danube Foods Group, "unable to reach agreement" on the terms of the transaction and therefore agreed to end the talks, the Dutch dairy company said.
FrieslandCampina and Danube Foods, itself owned by private-equity firm Salford Capital Partners, had signed a memorandum of understanding on a deal for the two dairy companies in February.
FrieslandCampina had been preparing to acquire 79% of Imlek and 82% of Mlekara Subotica.
The company said it will "continue searching for opportunities" to enable it to achieve its route2020 strategy.
Danube, meanwhile, said it is now "considering the possibility of further consolidation" in the food and beverage industry with Imlek.
FrieslandCampina published its route2020 strategy in June 2010, designed to grow the business globally through a focus on expanding in south-eastern Europe, the Middle East and north Africa, growing its foodservice business in Europe and improving its ingredients range.
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