Sep 13 2009 |
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Almarai approved for merger
Saudi Arabia-based Almarai 's $253.2 million cash and stock bid for Hail Agricultural Development Company (Hadco) has obtained regulatory approval, leaving the merger's fate up to the shareholders.A conclusive end to the bid, which was initially unveiled in July would give the Saudi stock exchange, the Arab world's largest, its first takeover involving listed companies.
Mergers and takeovers among listed firms are a rare sight in Saudi Arabia, due mainly to the pre-eminence of both day-trading and retail investors.
The two firms have fixed a November 30 deadline for conclusion of the agreement.
According to Dubai-based Shuaa Capital, Hadco is the kingdom's fourth largest poultry producer.
In addition to being a key domestic player in poultry, Hadco produces olives, wheat, dates and grass fodder. Almarai has its own cattle farms.
Almarai has been diversifying its revenues through acquisitions and has ear-marked six billion riyals ($1.6 billion) for investments to expand outside the Gulf region.
© 7Days 2009
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