Osem Investments, the Israeli food maker in which Nestle owns a majority stake, could soon take control of vegetarian food business Tivall.
In an announcement to the Israeli stock exchange, Osem, which already owns 58% of Tivall, said its kibbutz partners had agreed to bring forward the date of a possible takeover.
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Osem, in which Nestle owns a 53.8% stake, bought its shareholding in Tivall in 2005 and agreed on an option to take full control of the business in 2013.
The Lohamei Hagetaot kibbutz has brought forward that date, although Osem did not give a timetable for a deal. However, Osem said the price it would pay for the rest of Tivall would be based on a valuation of the business of ILS1.1bn (US$294.8m).
The Osem board and the kibbutz would need to approve any deal, Osem added.
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