SAUDI/KUWAIT: Savola confirms Americana takeover talks
PE firms also said to be interested in Americana
Saudi Arabian food manufacturer Savola Group has confirmed it has started initial talks with the Kuwait Food Co., also known as Americana Group, to acquire a stake in the company.
In a bourse filing, Savola said the talks have not yet led to a "fundamental development", but a disclosure agreement has been signed.
Reports suggest private-equity firms Advent International and TPG Capital have also submitted bids for the firm. KKR and CVC Capital Partners are also said to have tabled a joint offer.
Americana's food manufacturing arm produces brands including California Garden beans and Farm Frites frozen vegetables, supplying products to supermarkets across the Middle East. It is also a franchise operator of a number of restaurants across the region, including KFC and Pizza Hut.
The sale is expected to fetch about US$5bn.
- ConAgra Foods: what could happen next? - analysis
- Why Mars rice plan not just crop-ticking exercise
- Greencore's food-to-go focus paying dividends
- How Danone aims to meet its 2020 objectives
- What could be benefit of US approval of GM salmon?
- Hovis plans cuts amid anxiety over UK bread demand
- Aryzta regional CEO steps down
- "Serious" suitors lined up for Chicken of The Sea
- Unilever sets 2030 carbon positive goal
- PepsiCo to expand Frito-Lay plant in US