Wednesday, Oct 07, 2009
RIYADH (Zawya Dow Jones)--Savola Group Co. (2050.SA), Saudi Arabia's largest food company, said Wednesday its 440 million Saudi riyal ($117.3 million) acquisition of Fawaz Alhokair Group's (4240.SA) Geant supermarkets was approved by antitrust regulators.
The Saudi Competitiveness Board approved the transaction, Savola said in a statement on the Saudi bourse Web site.
The acquisition, which includes fixed assets and lease contracts -- but no inventory -- is expected to boost Savola's share of the domestic retail market from 7% to 8% as part of its strategic target to raise its retail market share to 10% within the next five years, the company said in July.
Savola's shares closed down 0.69% Wednesday at SAR28.80 in a largely negative day of trading.
-By Mohammed Aly Sergie, Dow Jones Newswires; +966 55 622 1334; mohammed.sergie@dowjones.com
Copyright (c) 2009 Dow Jones & Co.
(END) Dow Jones Newswires
07-10-09 1557GMT
