1.5bn Dollars Stake Sale To Adeptio Consortium Scrapped - Kuwait Food Co

The sale of a majority stake in Kuwait Food Co (Americana) to Gulf-based consortium Adeptio has been scrapped, the food manufacturer said on Sunday.

Adeptio had previously agreed to buy a 69 percent stake in Americana, estimated to be $1.5bn, from an investment vehicle called Al Khair for Stocks and Real Estate, controlled by the al-Kharafi family, one of the Gulf state's most prominent merchant families.

But that sale has now been cancelled, Americana said in a bourse statement.

Trading in the company's shares was halted on Sunday morning pending an announcement from the firm.

While the price Adeptio is was due to pay for the stake was not been disclosed, Americana has a current market value of $3.33 billion according to Thomson Reuters data.

 

SOURCE : ARABIANBUSINESS

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