Spanish food and chocolate group Natra will launch a €40m (US$47.9m) share offer to finance its recent acquisition of Belgian peer Chocolaterie Jacali.
The cash will also be used to pay down debt, the company said in a statement with stock market watchdog Comision Nacional De Valores (CNMV). Natra will issue 8.047.058m shares at €5 each.
Natra, which owns fast-growing functional foods company Natraceuticals, will employ €22m to pay for the Jacali purchase. The remainder of the funds will be to lower its undisclosed debt.
Natra expects the Jacali acquisition to help it achieve its €300m revenue target for 2005.
The Valencia-based Natra group comprises cacao-derivatives firm Natra Cacao, chocolate maker Zahor, Natraceuticals and winery Torre Oria.
Jacali, which Natra bought earlier this year for €22m, is billed as one of Belgium’s biggest chocolate and truffles purveyors.