Norwegian food and consumer goods firm Orkla has said it has extended the offer period of its bid to acquire all the remaining shares in Finnish listed snack company Chips.
Orkla said the time limit for accepting its offer has been extended to 18 February 2005 pending the EU Commission’s approval of the acquisition. The deal has been approved unconditionally by the Russian competition authorities.
Orkla announced on 8 November 2004 that it had made an offer for all the remaining shares in Chips. It already owned a 20.4% stake in Chips, and 38% of a joint venture company between Orkla and Chips, which includes snacks businesses in Norway, Sweden and Denmark.
Chips is the market leader in the snacks segment in the Nordic region and also operates in Russia and the Baltic States. Its brands include Taffel, OLW, KiMs, Polly and Oolannin.