Savola Group has confirmed once again it is one of the bidders for Al Kharafi Group’s Kuwait Food Co., despite the takeover target claiming to have “no knowledge” of any talks with the Saudi business.

Savola announced last week it had began talks with Kuwait Food Co., also known as Americana Group, to acquire a stake in the company. Yesterday, however (18 August), Kuwait Food Co. told the Kuwait stock exchange it had no knowledge of dealings with Savola on a possible acquisition.

In response, Savola today (19 August) said it had “conducted preliminary talks with one of the largest shareholders of Americana with regard to the possible sale of its shares in the company”.

The firm also said in a statement to the Saudi stock exchange it had signed a non-disclosure agreement with Kuwait Food Co. regarding the transaction.

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By GlobalData