US confectioner Wm Wrigley Jr. intends to take full control of Russian chocolate group Odintsovskaya Confectionery Factory, acquiring the remaining 10% of shares it does not already hold.
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“The outstanding shares in the company are being purchased under an option programme which was agreed upon when Wrigley first purchased an 80% stake at the beginning of 2007,” a spokesperson confirmed. “The company has two years from the purchase date to complete the transaction.”
Wrigley acquired 80% of Odintsovskaya from its chief stakeholder Andrei Korkunov in 2007. The purchase price totalled US$318.59m: three times Odintsovskaya’s 2006 revenues.
During the second quarter of this year, the US company acquired a further 10% stake for $70.73m.
Located in the Moscow region, Odintsovskaya is Russia’s second-largest producer of boxed chocolates.
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