Last Update 23:7
Sunday, 25 August 2019

Lactalis subsidiary tops rival bid for Egypt's Arab Dairy

Reuters , Thursday 15 Jan 2015
Views: 801
Views: 801

A subsidiary of Europe's biggest dairy group Lactalis has raised its offer for Egypt's Arab Dairy to 60.5 Egyptian pounds ($8.43) per share, topping a rival bid from Pioneers Holding as a takeover battle heats up.

The revised bid values Arab Dairy at 363 million Egyptian pounds ($50.5 million) against $49.68 million for the latest Pioneer offer.

Egypt's market regulator said in a statement it had accepted the new bid from the Lactalis subsidiary, called Al-Nour for Dairy Industries, and had extended the deadline for new bids to Feb. 1 from Jan. 22.

Pioneers, a financial firm that already owns 25 percent of Arab Dairy, increased its offer for the company to 59.20 pounds per share last week, topping the previous offer of 58 pounds from Lactalis.

Pioneers originally bid 56 pounds a share for the Egyptian cheesemaker in August but has been forced to increase its offer price after a slew of rivals entered the fray.

The battle for control of Arab Dairy is part of a recent flurry of activity on Egypt's stock exchange, signalling resurgent interest from international investors in a market looking to restore confidence after the turmoil unleashed by a 2011 uprising which ousted leader Hosni Mubarak.

U.S. group Kellogg, the world's largest breakfast cereal maker, this week won a prolonged takeover battle for Egyptian snackmaker Bisco Misr

Short link:


Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

© 2010 Ahram Online.