Lactalis’ Egyptian subsidiary, Al Nour for Dairy Industries, has raised its offer rival Arab Dairy, topping a bid from local investment firm Pioneers Holding.
According to a release from the Egyptian Financial Supervisory Authority yesterday (15 January), a request from Al Nour for Dairy Industries to raise its bid from EGP58 per share to EGP60.5 (US$8.46) per share was approved.
Al-Nour’s offer follows a new bid from Pioneers Holding on 6 January of EGP59.20.
Lactalis took control of Al Nour for Dairy Industries in 2005. The French giant made an offer for Arab Dairy through Lactalis International, worth EGP66 per share, in November.
Officials at Lactalis did not respond to just-food’s requests for comment.