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Monday, 17 June 2019

FrieslandCampina to do due diligence on Arab Dairy ahead of bid offer

M&A WATCH- FrieslandCampina to do due diligence on Arab Dairy ahead of bid: Egyptian cheese maker Arab Dairy will let Netherlands-based FrieslandCampina perform due diligence ahead of a potential bid for 100% of Arab Dairy’s, the company said in a bourse filing (pdf). The Panda cheese brand producer said it has received a letter of interest on Friday from the Dutch company asking to perform due diligence. Arab Dairy is 70%-owned by Pioneers Holding.

Background: Pioneers bought Arab Dairy in an EGP 257 mn transaction in 2015 after a bidding war that saw it beat out Lactalis (Europe’s largest dairy products company), Denmark’s Arla Foods, India’s Paras Dairy and Saudi’s Arrow Food Distribution. Arab Dairy had at the time a deep base of corporate clients including Hilton, Movenpick and InterContinental as well as mass-market restaurant brands Bon Appetit, Cook Door and La Poire and Saudi Arabia’s Arrow Food Distribution.

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