AFP, Kuwait City :
A Dubai-based investor group led by Emaar Properties chairman Mohamed al-Abbar has agreed to purchase a majority stake in Kuwait’s top food company Americana, the firm said Sunday.
A binding agreement for the acquisition, estimated at $2.3 billion, was reached between Abbar’s Adeptio group and Al-Khair National for Stocks and Real Estate, a statement on Kuwait’s stock exchange said.
The new development comes three weeks after the two sides announced that takeover negotiations had collapsed.
Al-Khair said in its statement that negotiations were reopened and the binding deal was signed on Saturday to buy the stake for 2.65 Kuwiati dinars ($8.8) per share.
Based on the latest official figures, Al-Khair holds a 66.8 percent stake in Americana’s 391 million stocks worth around $2.3 billion.
Under Kuwaiti law, Adeptio must make a similar offer to the holders of the remaining 33 percent of the company.
A Dubai-based investor group led by Emaar Properties chairman Mohamed al-Abbar has agreed to purchase a majority stake in Kuwait’s top food company Americana, the firm said Sunday.
A binding agreement for the acquisition, estimated at $2.3 billion, was reached between Abbar’s Adeptio group and Al-Khair National for Stocks and Real Estate, a statement on Kuwait’s stock exchange said.
The new development comes three weeks after the two sides announced that takeover negotiations had collapsed.
Al-Khair said in its statement that negotiations were reopened and the binding deal was signed on Saturday to buy the stake for 2.65 Kuwiati dinars ($8.8) per share.
Based on the latest official figures, Al-Khair holds a 66.8 percent stake in Americana’s 391 million stocks worth around $2.3 billion.
Under Kuwaiti law, Adeptio must make a similar offer to the holders of the remaining 33 percent of the company.
