Adaptio, an investment vehicle for a group of investors led by Dubai businessman Mohamed Alabbar, reached a final agreement to purchase a majority 69% stake in Kuwait Food Co (Americana) for $2.4bn, Reuters reported.
Americana owns the Middle East franchises for a number of fast food chains such as KFC and Pizza Hut and produces branded consumer foods as well. Following the completion of the stake takeover, which is the crown jewel in the business empire of Kuwait’s Kharafi merchant family, Adaptio will be obliged to make a mandatory takeover offer for the remaining Americana shareholders.
The offer ought to be made at the KWD2.65 per share offered to the Kharafis, representing a 26% premium over the last quoted market price at the time of the announcement of the acquisition.
Adaptio is in talks to finance the deal through securing $1.5bn bridge loan from a group of banks including First Gulf Bank, Emirates NBD, Credit Suisse and Standard Chartered.
US President Donald Trump on October 16 warned that the termination of the Iran nuclear deal is still a clear possibility even though he ... more
US Defence Secretary Jim Mattis on October 3 told the Senate Armed Services Committee that it currently appears to be in the strategic interest of Washington to remain in the Iran nuclear deal. ... more
Iran’s foreign minister has said the country is willing to formally accept a tougher nuclear inspection regime in six years. However, Mohammad Javad Zarif continued to rule out any renegotiation of ... more