Saudi food firm Savola Group is set to buy Turkish edible oils producer Yudum Food.
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Savola, the largest food producer in the Gulf, is to acquire Yudum from the investment arm of the National Bank of Kuwait.
A deal was made through Savola subsidiary Afia International, which will become the largest player in branded edible oil worldwide.
“This step is the first step of the group’s presence and expansion in the Turkish market and it will enhance the leading role of Savola in the food sector,” said Savola managing director Dr. Sami Baroum.
Yudum generated SAR369m (US$98.9m) in sales last year and accounts for a quarter of sunflower and corn oil sales in Turkey.
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By GlobalDataThe deal remains subject to the approval of Turkey’s competition watchdog.
