Shares in Spanish food group SOS Corporacion Alimentaria were suspended today (26 March) amid local reports of a potential US investment in the owner of Bertolli and Carbonell olive oils.
A statement on the Spanish stock exchange today announced a halt in the trading in SOS shares after a report in local financial daily El Economista issued details of plans by a US fund to buy a stake in the food group.
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On Monday (22 March), in response to a request from the Spanish stock exchange, US investment fund Cambium admitted it was looking to buy a stake in SOS through subscribing to a company share issue.
Today, El Economista said Cambium’s move would give the fund a 33.5% stake in SOS. The newspaper also claimed that Cambium had asked Spain’s market regulator from exempting the fund from making a full bid for SOS. Under Spanish regulations, if a shareholder takes its stake above 30%, it must make a bid for a company.
When contacted by just-food, Cambium, which is based in New York, refused to comment. “I cannot speak about that,” an official at Cambium said.
Officials at SOS could not be reached for immediate comment.
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By GlobalDataSOS’s share issue comes as the business also looks to sell off assets, including its rice operations, in a bid to lower its debt by 50% by 2013.
