Singapore-based Del Monte Pacific has denied it has held discussions over a possible takeover with Japanese firm Suntory.
Bloomberg reported yesterday (18 July) that Suntory Beverage was looking to acquire Del Monte Pacific as it spends US$5bn on merger and acquisition deals to help double sales by 2020.
However, in a disclosure to the Philippines Stock Exchange today, Del Monte said the report and other media linking it to the aggressive expansion plan of the Japanese food and drinks giant was false.
“Neither Del Monte Pacific Ltd nor its controlling shareholder, NutriAsia Pacific Ltd, nor its representatives, are in discussions with Suntory, its shareholders or representatives, with respect to any transaction purported by Bloomberg and other media,” it said.
Del Monte Pacific, which started trading in the Philippines – the second listing for the food and drinks group – last month, recorded an 8% increase in full-year sales last month to $459.7m. Operating profit was $49.9m in 2012, although it did not provide a figure for 2011.
Suntory could not be reached for comment at the time of going to press.
