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Name | Symbol | Market | Type |
---|---|---|---|
Orkla A S (PK) | USOTC:ORKLY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.01 | -0.12% | 8.14 | 8.08 | 8.31 | 8.19 | 8.08 | 8.099 | 32,158 | 21:48:10 |
Norwegian consumer goods and industrial conglomerate Orkla ASA (ORK.OS ) said Monday it has signed an agreement with the Rieber family to buy their shares in Norwegian food company Rieber & Son ASA (RIE.OS), in a deal that values the company at 6.1 billion Norwegian kroner ($1.03 billion).
The agreement involves buying the Rieber family's 90.11% shares at NOK66.58 a share and "in so doing, Orkla takes a significant step towards becoming a pure play branded consumer goods company," the company said.
Rieber & Son, which supplies grocery stores in the Nordic countries, parts of Central Europe and Russia, in 2011 reported earnings before interest, tax, depreciation and amortisation of NOK464 million.
"With this acquisition, Orkla expands its product portfolio and gains strong market positions in categories that are entirely new to us," Orkla Chief Executive Age Korsvold said.
"Together, Rieber & Son and Orkla will be the leading Nordic food manufacturer, with the expertise and resources to develop strong local products and brands in competition with international players."
The acquisition will be funded by drawing on committed credit facilities and closing of the transaction is conditional on European Commission and Russian competition clearance, but it's expected to close by the end of the first quarter of 2013.
After completion Rieber & Son will be delisted from the Oslo Stock Exchange.
Orkla shares closed Friday at NOK43.01, valuing the company at NOK43.82 billion.
-Write to Dominic Chopping at dominic.chopping@dowjones.com
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