Kraft Foods to purchase BIMO for $151 million
SNI said that it has signed a deal according to which it will sell 50% of its shares in Bimo to increase the Kraft Foods’ shares in the company to 100%. It is expected that transaction will be finalized in the coming six months, a source close to the matter said. SNI will utilize the cash it will get from transaction to lower its debt.
13 Sep 2012 --- Kraft Foods Inc has announced that it is to acquire Bimo (Morocco’s Top Biscuit maker) for 1.31 billion dirhams or $151 million from local investment holding National Investment Co, managed by the country’s royal family, SNI stated this week. It is expected that transaction will be finalized in the coming six months, a source close to the matter said. SNI will utilize the cash it will get from transaction to lower its debt.
SNI said that it has signed a deal according to which it will sell 50% of its shares in Bimo to increase the Kraft Foods’ shares in the company to 100%.
This follows Kraft’s announcement earlier in the week that it plans to spin-off Kraft Foods Group, Inc., which will hold Kraft Foods' North American grocery business, at the start of October. Following the spin-off, Kraft Foods Inc. will be renamed Mondelez International, Inc.
Led by iconic brands like Kraft, Oscar Mayer and Maxwell House, Kraft Foods Group will be North America's fourth largest consumer packaged food and beverage company out of the gate, with revenues of approximately $19 billion in 2011. Ten of the company's brands achieved sales of $500 million or more in 2011, while an additional 17 brands posted sales of $100 million or more in 2011. Approximately 80 percent of Kraft Foods Group's revenue comes from categories in which the company holds the No. 1 or No. 2 market position.
