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Saudi Arabia’s dairy and food group Almarai said a plan to fully acquire the shares of Hammoudeh Food Industries by one of its subsidiaries for 263 million riyals ($70 million) fell though as the seller was unable to meet certain conditions required to complete the transaction.
Almarai said it remains open to exploring future expansion opportunities.
Last October, Almarai said its subsidiary Teeba Investment for Developed Food Processing Company was looking to acquire the Jordanian dairy and cheese business “subject to certain adjustments”. The transaction was to have been financed by Almarai’s internal cash flows.
(Writing by Brinda Darasha; editing by Daniel Luiz)
