(MENAFN) Saudi-based National Agricultural Development Company (Nadec) said it is set to start talks with leading dairy company Al Safi Danone (ASD) for a share swap deal.
ASD is a joint venture between Saudi Arabia's Al Safi Group of Companies and French food company Danone.
A Memorandum of Understanding was signed with the Saudi dairy to commence discussions on the possibility of a business combination of Nadec and ASD through attainment of all of the shares of ASD, according to a statement by Nadec.
Nadec aims to buy all shares of Al Safi Danone Company and in exchange offer new shares to ASD's shareholders.
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