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Singapore-listed Del Monte Pacific to buy Del Monte's U.S. consumer foods business for $1.7 billion
Reuters
October 11, 2013, 12:33 pm
SINGAPORE (Reuters) - Singapore-listed Del Monte Pacific Ltd , a food and beverages company, said it had entered into an agreement to acquire the consumer food business of U.S.-based Del Monte Foods Consumer Products Inc. for $1.7 billion (1.06 billion pounds).
"This proposed acquisition offers the group access to a well-established, attractive and profitable branded consumer business in the world's leading market, i.e., the U.S.," the company said in a filing to the Singapore bourse on Friday.
"Prior to this acquisition, the U.S. was one of very few key markets where the company did not have a direct presence nor have its own brands," it said.
Del Monte, which counts the Philippines as its largest market, is 67 percent-owned by NutriAsia Pacific Ltd (NPL). NPL is owned by the NutriAsia group, which is majority-owned by the Campos family of the Philippines.
Del Monte's shares have jumped 59 percent so far this year, valuing the company at S$1.06 billion (530.7 million pounds) as of Wednesday' close. Trading in the shares was halted on Thursday.
(Reporting by Anshuman Daga; Editing by Rachel Armstrong)
