Maroussi / GR. (mig / wib) Marfin Investment Group Co Limited (MIG) and Greek leading food group Vivartia S.A. announce, that MIG has agreed to acquire a 30 percent stake from the main shareholders of Vivartia for a price of 25 USD per share. The transaction will be completed in this days. In short: MIG pays 550 million Euro (758 million USD) for a strategic stake in Vivartia Holding.
In a press release from MIG head office in Maroussi, Vivartia´s Executive Chairman D. Daskalopoulos, comments the agreement as follows: «In today´s global economy there is a great need for critical mass, international presence, and the combination of vision, solid management and financial strength. The agreement with MIG meets all of the above criteria and signals a new era of dynamic and ongoing growth for Vivartia, in its goals to become one of the largest companies amongst its peer group globally». In addition MIG Vice Chairman A. Vgenopoulos made the following statement: «I believe that our common vision with the management of Vivartia, along with the combination of skill-set and capital, creates the right conditions to add significant value for the shareholders of both companies».
Vivartia S.A. is the largest dairy and bakery producer in Greece with a turnover last year of 730 million Euro and net profits of 44 million Euro. Vivartia recently acquired milk producers in Bulgaria and Cyprus, with a view to expanding its presence in south-east European markets.
Last message in the beginning July was, that Vivartia will form a joint venture in Saudi Arabia for expansion into the production and distribution of bakery products in Middle East markets. The majority of the company will be controlled by Western Bakeries with a 60 percent stake and Olayan Financing Company will have a 15 percent stake. Vivartia had said that the new company will be active in Saudi Arabia, UAE, Kuwait, Oman, Bahrain and Qatar. The investment is expected to be completed near the end of 2008. Western Bakeries is a market leader in bakery products in the region and a unit of Saudi listed Almarai Company.
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