Sunday, 27 May 2018 12:50 GMT

Saudi's Savola confirms Americana's acquisition talks

(MENAFN) Savola Group, the major Saudi food producer, said it had begun preliminary talks with one of Kuwait Food Company's largest shareholders to potentially purchase that shareholder' stake, Arabian Business reported.

The company said it has signed a non-disclosure agreement with the shareholder and thus refused to name him, though reports indicate that Al Kharafi family might be the shareholder as it was reported that they hired Investment bank Rothschild to explore selling Americana.

Savola also stated that it has not signed any binding commitment yet. Meanwhile, Americana issued a statement denying any knowledge of such talk with Savola on any possible acquisition.

Saudi's Savola confirms Americana's acquisition talks

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