Wimm-Bill-Dann beefs up war-chest
By: Dean Best - 6 July 2010 15:39
Russian dairy and baby food group Wimm-Bill-Dann Foods gave a sign of its financial firepower today (6 July) with news of a US$300m bond issue.
The company said strong demand from investors at home and abroad had enabled it to double its initial bond offering.
CEO Tony Maher said the investor demand was a "striking endorsement" of the company's "sound fundamentals, business model and strong growth prospects".
News of the bond issue comes swiftly on the back of Wimm-Bill-Dann's reported comments last month that it was on the look-out for acquisitions at home and abroad.
And it also comes with French dairy giant Danone beefing up its presence in Wimm-Bill-Dann's backyard with its venture with Russian milk processor Unimilk.
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