Saudi Arabia’s Arrow Food Distribution has joined the race to take over Egypt’s Arab Dairy.
In a statement to the Egyptian stock exchange yesterday, Arrow Food – a partnership between Saudi Bin Laden Group and Foodstuff Group – offered to buy 100% of Arab Dairy.
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Arrow Food said its offer was subject to the control of “at least” 51% of Arab Dairy. It has offered EGP57.12 per share. The firm added Arab Dairy would “benefit from the strong distribution capabilities of Arrow and its access to other Middle East markets”.
On Tuesday, Egyptian private-equity firm Pioneers Holding finalised its offer to buy 60.2% of shares at EGP56 (US$7.83) per share. It presently has a 25% stake in Arab Dairy.
Arla Food is also interested Arab Dairy. In September, it made a takeover offer of EGP65 per share for up to 100% of the business.
At the time, Rasmus Malmbak Kjeldsen, senior vice president for Arla’s business in the Middle East and Africa, said: “The company seems well-aligned with our ambitions in Egypt, and we are now looking at the details before deciding whether or not to actually purchase a share of the business.”
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