GREECE: Vivartia investor gets nod to buy up firm
Greece's share watchdog has approved plans for the majority shareholder in food group Vivartia to buy the rest of the company.
Marfin Investment Group plans to launch a formal public offer for the 22.4% of Vivartia that it does not already own.
Marfin began building its stake in Vivartia back in July with the acquisition of a 30% stake for EUR549.8m (US$757.8m).
Vivartia, which was formed last year with the merger of dairy group Delta Holdings and snacks maker Chipita International, is market leader in a number of food categories in Greece.
The company has operations in 29 countries across Europe, Russia, Egypt, Saudi Arabia and the US.
Vivartia, Greece's largest food company, has been hit with a EUR21.8m (US$31.9m) fine for its part in fixing the price of dairy products in the country....
Nestlé has vowed to fight the Greek government in court after the company was fined for alleged price-fixing in the country's dairy market....
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