Shan Foods, a Pakistan-based spices maker, is reportedly mulling a sale of a majority stake, with consumer goods giant Unilever mooted as a possible buyer.
Bloomberg reports, quoting unnamed sources, that Shan Foods has hired a financial adviser to explore a stake sale and has approached potential buyers including Anglo-Dutch FMCG heavyweight Unilever. The sources, who asked not to be identified as the discussions are private, said the deal could fetch US$250m.
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Deliberations are ongoing and Shan Foods can still decide to sell a non-majority stake or keep the business, the Bloomberg sources said.
Karachi-based Shan Foods, which was founded in 1981, has responded via a statement posted on the front-page of its website.
“Speculative news has been circulating on social media channels claiming that a multinational company is in the process of acquiring and/or has acquired Shan Foods,” the statement read. “As a proud Pakistani company, which has seen exponential growth globally, Shan Foods continues to explore organic and inorganic opportunities for further enhancement of its business. However, if and when such a situation develops, we will be the first to communicate the news to our respective shareholders.”
Shan Foods product line-up includes a range of Pakistani spices, garlic and ginger pastes, chutney and relishes, and dessert mixes.
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By GlobalDatajust-food has approached Unilever to comment on the speculation but had not received a reply at the time of publication.
