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Sunday, 6 January 2019

Al Nour for Dairy in talks to acquire Greenland after Almarai talks fall through

**#4 M&A WATCH- Al Nour for Dairy in talks to acquire Greenland after Almarai talks fall through: Al Nour for Dairy Industries — which counts businessman Mohamed Halawa and Lactalis as shareholders — is reportedly in talks to acquire Americana Group subsidiary Greenland Group for Food Industries, according to a domestic press report citing sources with knowledge of the matter. Saudi dairy product producer Almarai had been looking to acquire Greenland in a transaction worth as much as USD 75 mn last year, but talks have fallen through over disagreements on the transaction value. The sources did not disclose the expected value of Al Nour’s acquisition. The company is expected to complete due diligence on Greenland during 1Q2019. Greenland had been in the red for seven years but returned to profitability in 2015.

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