Orkla ASA: Acquisition of Rieber & Søn now...
Orkla ASA has today completed its agreement to purchase 69,900,380 shares in Rieber & Søn ASA (RIE) through its wholly-owned subsidiary Orkla Brands AS (hereafter called Orkla); see the stock exchange notification of 20 August 2012.
The purchase price per share, including accrued interests, is NOK 67.45. After the acquisition, Orkla will own 90.11% of the shares in RIE.
The sellers of the shares are AS Atlantis Vest (34,427,090 shares, equivalent to 44.38%), Zee Ploeg AS (33,773,290 shares, equivalent to 43.54%) and Flu AS (1,700,000 shares, equivalent to 2.19%). None of the sellers will own shares in Rieber & Søn after completion of the transaction. Fritz Rieber, who is a board member in the selling entities, does not hold any shares in Rieber & Søn ASA, but related parties of him holds in aggregate 1,038 shares.
Orkla will make a mandatory offer to the remaining shareholders in Rieber & Søn based on the same purchase price per share that is being paid to the Rieber family. A decision will be made in parallel to conduct a compulsory acquisition of minority shareholdings, after which an application will be made to delist the company's shares from the Oslo Stock Exchange.
"We have great respect for the company's traditions and what it has achieved. Combined, Rieber & Søn and Orkla will be the leading Nordic food product group, with the competence and resources to develop strong local products and brands in competition with international companies," says President and CEO Åge Korsvold i Orkla.
"The Rieber family has owned the company since it was established in 1839. We are confident that Orkla offers the best industrial solution," says Fritz Rieber on behalf of the Rieber family.
Rieber & Søn have a number of well-known brands and businesses: Toro is Norway's leading supplier of sauces, soups and ready meals, among other things. Other popular Norwegian brands in Rieber & Søn's portfolio are Denja, Mr. Lee, Vossafår and Vestlandslefsa. Vitana is one of the Czech Republic's largest and longest-established food manufacturers. K-Salat is well-positioned in both Sweden and Denmark in the mayonnaise, remoulade and salad markets. Delecta is one of Poland's leading dessert and baking mix brands. Frödinge is market leader for refrigerated and frozen cakes and desserts in Sweden. Chaka is a well-known Russian brand of nuts. Bähncke holds the leading position in the Danish mustard market. In addition, Rieber & Søn is a supplier to the out-of-home sector in Norway, Sweden, Denmark, the Czech Republic and Slovakia.
Orkla ASA
Oslo, 26 April 2013
Ref.:
EVP Corporate Communications and Corporate Affairs
Håkon Mageli
Mobile: +47 928 45 828
Rune Helland, SVP Investor Relations
Tel.: +47 22 54 44 11
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Orkla ASA via Thomson Reuters ONE
Latest directors dealings
- 12 minutes ago ASA International Group
- 1 hour ago Central Asia Metals
- 1 hour ago Orosur Mining Inc
- 1 hour ago Emv Capital
- 1 hour ago Power Probe PLC