M&A WATCH- Arab Dairy waiting on FrieslandCampina to make an acquisition offer: Netherlands-based FrieslandCampina has completed due diligence to acquire cheesemaker Arab Dairy without making an offer, but negotiations are ongoing, the latter said in an EGX disclosure (pdf). The Panda cheese producer gave the Dutch company the green light to conduct due diligence to acquire 100% of its shares in June.

Advisors: EFG Hermes has been providing financial advice to FrieslandCampina while Sharkawy and Sarhan Law Firm was appointed as legal advisor, the local press reported. Arab Dairy is close to 70% owned by Pioneers Holding, which had hired CI Capital to advise it on the sale.

Background: UAE-based Gulf Capital backtracked on plans to buy out the company in July, saying their “strategy and expansion plans are not in line” with its investment mandate.

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