Norwegian consumer goods firm Orkla has said it is making a cash offer to buy the shares it does not already own in the Finnish listed company Chips.
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If the offer of €22.85 per share is accepted in full, the total cost will be €320m (US$414.3m). Orkla currently owns 20.4% of Finnish snack food company Chips. Orkla also owns 38% of a company it controls jointly with Chips that includes snacks businesses in Denmark, Norway and Sweden.
Chips, which has 1,300 employees, is market leader in the snacks segment in the Nordic region and also has operations in Russia and the Baltic States. Operating revenues for Chips totalled €298m in 2003. The company’s main brands include Taffel, OLW, KiMs, Polly and Oolannin.
