Norwegian food and consumer goods firm Orkla says it has received European Commission approval for its acquisition of Finnish listed snack company Chips.
As of 2 March 2005, the share purchase offer had been accepted by shareholders who, together with Orkla, own a total of 96 % of the shares and 97 % of the votes in Chips,” Orkla said. The offer period expires today, 4 March 2005.
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.