Egypt to issue EGP 6b in floating-rate T-bonds    Egypt signs outsourcing deals with 55 firms to create 70,000 jobs, boost digital exports    Egypt's monthly inflation rises 1.3% in Oct, annual rate eases to 10.1%: CAPMAS    Egypt, Qatar intensify coordination as Gaza crisis worsens    Arabia Developments, ElSewedy join forces to launch industrial zone in New 6th of October City    Egypt, US's Merit explore local production of medical supplies, export expansion    Egypt, WHO discuss joint plans to support crisis-affected health sectors    Government to channel major share of Qatar deal proceeds toward debt reduction: Finance Minister    Germany, Egypt sign €50m debt swap for renewable energy grid connection    400 children with disabilities take part in 'Their Right to Joy' marathon    Egypt's Foreign Minister discusses Gaza, Sudan with Russian counterpart    Russia's Putin appoints new deputy defence minister in security shake-up    UNESCO General Conference elects Egypt's El-Enany, first Arab to lead body    Egypt repatriates 36 smuggled ancient artefacts from the US    Grand Egyptian Museum attracts 18k visitors on first public opening day    'Royalty on the Nile': Grand Ball of Monte-Carlo comes to Cairo    Egypt, Albania discuss expanding healthcare cooperation    VS-FILM Festival for Very Short Films Ignites El Sokhna    Egypt's cultural palaces authority launches nationwide arts and culture events    Egypt launches Red Sea Open to boost tourism, international profile    Qatar to activate Egypt investment package with Matrouh deal in days: Cabinet    Hungary, Egypt strengthen ties as Orbán anticipates Sisi's 2026 visit    Egypt's PM pledges support for Lebanon, condemns Israeli strikes in the south    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Egypt, Medipha sign MoU to expand pharmaceutical compounding, therapeutic nutrition    Egypt establishes high-level committee, insurance fund to address medical errors    Sisi expands national support fund to include diplomats who died on duty    Madinaty Golf Club to host 104th Egyptian Open    Egypt's PM reviews efforts to remove Nile River encroachments    Al-Sisi: Cairo to host Gaza reconstruction conference in November    Egypt will never relinquish historical Nile water rights, PM says    Al-Sisi, Burhan discuss efforts to end Sudan war, address Nile Dam dispute in Cairo talks    Syria releases preliminary results of first post-Assad parliament vote    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Denmark's Arla Foods drops bid for Egypt's Arab Dairy
Maker of Lurpak and Puck had offered LE65 per share for Egypt cheese-maker acquisition for which Cairo-based Pioneers Holding got regulatory green light
Ahram Online Published in Ahram Online on 02 - 12 - 2014

Denmark-based Arla Foods Amba has dropped a bid to acquire Egypt's Arab Dairy, the cheese-maker announced on Tuesday.
Arla Foods, which owns Lurpak and Puck brands, had offered LE65 per share for the Egyptian cheese-maker.
French dairy producer Lactalis International also offered to acquire Arab Dairy last month, for LE66 per share, while Saudi Arabia's Arrow Food Distribution offered LE57.12 per share.
Pioneers Holding, a Cairo-based financial company with a 25 percent stake in Arab Dairy, started buying the rest of the company's shares at LE56 per share on 30 November, after receiving the regulator's green light on the LE252 million deal.
The acquisition coincides with another bidding war, on Egypt confectionary-maker Bisco Misr, between world's largest cereal maker Kellogg Co. and UAE-based Abraaj Investment Management.
The Egyptian dairy producer posted a net loss of LE24.1 million in its consolidated results for the first nine months of 2014 at a price of LE65per share, compared to a net profit of LE3.4 million in the same period of the previous year.
Founded in 1985, Arab Dairy is the maker of flagship Panda brand cheese, and exports products to neighbouring countries in the Middle East including Lebanon, Jordan, Libya, the UAE, Saudi Arabia, Palestine, Bahrain, Oman and Kuwait.
The company's shares were trading for LE68.04 on 24 November, before trading on the stock was suspended.
http://english.ahram.org.eg/News/117023.aspx

Clic here to read the story from its source.