Singapore's Olam to acquire Britannia Food
Tuesday, 01 February 2011, 06:50 IST
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Singapore: Olam International announced plans to acquire a 100 percent stake in Britannia Food Ingredients Holdings (BFI) and Britannia Storage and Distribution (BSD) for a combined enterprise value of 33.5 million pounds (approximately $50 million). Olam -- which is owned by Singapore-based Indian tycoon Sunny Verghese -- said it would initially acquire 85 percent of the equity capital in BFI and 100 percent of BSD and then acquire the remaining 15 percent interest in BFI within the next three years at a pre-agreed valuation. Established in 1996 in Goole, at Yorkshire, England, BFI is one of the leading independent suppliers of specialty fats to the confectionery and snack food industry in the UK. BSD is a logistics service provider to the confectionery fats industry based in Goole and Ipswich.
Source: PTI
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