Mexican juice maker Jugos del Valle said today [Tuesday] it has reached a non-binding agreement with Kraft Foods Inc to sell up to 100% of the company.
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In a filing to the Mexican Stock Exchange, Jugos del Valle, Mexico’s second largest juice company, said that its majority shareholders are still in negotiations with Kraft over price. Kraft is due to undertake a due diligence review, and the deal is also subject to approval from competition authorities and the boards of both companies. Kraft’s due diligence process could take two months.
The non-binding agreement follows news of the talks between Kraft and Jugos del Valle a month ago. They follow negotiations between Jugos del Valle and PepsiCo, which collapsed over a difference of opinion on price.
Jugos del Valle controls approximately one third of the Mexican juice market, behind market leader Jumex. In 2001 it reported sales worth US$351.6m.
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