{"id":542574,"date":"2022-01-04T03:36:39","date_gmt":"2022-01-04T03:36:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/04\/edita-wont-be-acquiring-assets-of-ole-bakeries-manufacturer\/"},"modified":"2022-01-04T03:36:39","modified_gmt":"2022-01-04T03:36:39","slug":"edita-wont-be-acquiring-assets-of-ole-bakeries-manufacturer","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/04\/edita-wont-be-acquiring-assets-of-ole-bakeries-manufacturer\/","title":{"rendered":"Edita won\u2019t be acquiring assets of Ole bakeries manufacturer"},"content":{"rendered":"

<\/a> Snackfoods giant Edita won\u2019t acquire Egyptian Belgian Company\u2019s assets <\/strong>after talks collapse: <\/strong>Edita Food Industries\u2019 bid to acquire assets belonging to Egyptian Belgian Company has fallen through after the two companies were unable to agree on a valuation. The EGX-listed company had expected to finalize an agreement with the Ole baked products manufacturer this month but said in a regulatory filing (pdf)<\/a> yesterday that negotiations had been suspended after failing to reach an agreement. A senior Edita official told us that talks collapsed because the two companies couldn\u2019t agree on a valuation following due diligence.<\/p>\n

Background:<\/strong> Edita submitted a non-binding<\/a> letter of intent in November to acquire the company\u2019s real estate assets (including land plots and buildings), as well as machinery, equipment, and production lines. A senior exec told us at the time that the company viewed the acquisition as a \u201cmajor milestone\u201d that would have added \u201csignificant\u201d production capacity to its baked goods segment.<\/p>\n

ALSO ON THE M&A FRONT-<\/strong><\/p>\n

Creed Healthcare discloses size of Cleo stake sale to MCI Capital:<\/strong> Creed Healthcare sold an 8.9% stake, or almost 142 mn shares, in Cleopatra Hospitals Group (CHG) to MCI Capital Healthcare Partners for EGP 709.8 mn (EGP 5 per share) last week, the company said in a bourse disclosure<\/a>(pdf<\/a>). The sale reduced Creed\u2019s stake in CHG from 37.9% to 29%.<\/p>\n

The transaction was part of MCI Capital\u2019s acquisition of 23% of CHG: <\/strong>MCI Capital, a subsidiary of state-owned CI Capital, last week bought a 23% stake in CHG<\/a> for a total EGP 1.8 bn. Creed, which owns its stake in CHG through its subsidiary Care Healthcare, had agreed to sell an 8-12% stake<\/a> in the company to MCI at the EGP 5-per-share offer price during its voluntary tender offer. The confirmation of its 8.9% stake sale to MCI Capital means that other CHG shareholders collectively sold around a 14.1% stake.<\/p>\n

Creed remains CHG\u2019s single-largest shareholder with its remaining 29% stake, <\/strong>while MCI Capital\u2019s total holding in CHG now stands at around 26.8% following the acquisition, according to information previously provided to Enterprise by a source with knowledge of the transaction. Creed used to own more than two-thirds of CHG but divested a 31.5% stake in 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"

Snackfoods giant Edita won\u2019t acquire Egyptian Belgian Company\u2019s assets after talks collapse: Edita Food Industries\u2019 bid to acquire assets belonging to Egyptian Belgian Company has fallen through after the two companies were unable to agree on a valuation. The EGX-listed company had expected to finalize an agreement with the Ole baked products manufacturer this month […]<\/p>\n","protected":false},"author":1,"featured_media":542575,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[192,193,191,194,72,7128],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-542574","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-cleopatra-hospitals-group","tag-creed-healthcare","tag-edita","tag-egyptian-belgian-company-for-industrial-investments","tag-enterpriseam","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"1c24329e-129f-4903-9d36-040e2ffded2d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/1\/42.jpg","photo_position":"above","related_issue":[542570],"teaser":"","voice_url":""},"yoast_head":"\nEdita won\u2019t be acquiring assets of Ole bakeries manufacturer - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/04\/edita-wont-be-acquiring-assets-of-ole-bakeries-manufacturer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Edita won\u2019t be acquiring assets of Ole bakeries manufacturer\" \/>\n<meta property=\"og:description\" content=\"Snackfoods giant Edita won\u2019t acquire Egyptian Belgian Company\u2019s assets after talks collapse: Edita Food Industries\u2019 bid to acquire assets belonging to Egyptian Belgian Company has fallen through after the two companies were unable to agree on a valuation. 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The Egyptian Belgian Company manufactures Ole-branded croissants, cakes, and donuts. The potential acquisition covers all of the company\u2019s real estate assets (including land plots and buildings), as\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/543.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581985,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/28\/edita-plans-to-acquire-100-of-a-mystery-company\/","url_meta":{"origin":542574,"position":1},"title":"Edita plans to acquire 100% of a mystery company","author":"enterpriseam admin","date":"28 February 2023","format":false,"excerpt":"Edita wants 100% of an unnamed local food firm: The board of EGX-listed Edita Food Industries has agreed to submit an offer to acquire 100% of an unnamed, unlisted company in the local food industry, it said in a bourse filing (pdf) yesterday. The statement didn\u2019t put a value on\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/Edita-img-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546610,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/23\/saudi-food-group-eyes-ole-bakery-ibnsina-breaks-into-hospitals-with-el-shorouk-acquisition\/","url_meta":{"origin":542574,"position":2},"title":"Saudi food group eyes Ole bakery + Ibnsina breaks into hospitals with El Shorouk acquisition","author":"enterpriseam admin","date":"23 May 2022","format":false,"excerpt":"Saudi food conglomerate Savola Group is close to acquiring the Egyptian Belgian Company \u2014 best known for its Ole-branded baked goods \u2014 in a transaction worth c. EGP 600 mn, a source familiar with the matter confirmed Enterprise. Hapi Journal had reported that the acquisition would see the company acquire\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/296.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542972,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/26\/edita-to-invest-c-egp-400-mn-in-2022-expansion\/","url_meta":{"origin":542574,"position":3},"title":"Edita to invest c. EGP 400 mn in 2022 expansion","author":"enterpriseam admin","date":"26 January 2022","format":false,"excerpt":"Edita Food Industries will invest around EGP 400 mn to add new production lines for its baked goods and wafers segments in 2022, IR director Menna Shams El Din told Enterprise. Some of the investment will also be earmarked for expanding operations at its recently inaugurated HoHos cake production facility\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/342.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":587615,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/30\/edita-to-acquire-frozen-bakery-producer-fancy-foods\/","url_meta":{"origin":542574,"position":4},"title":"Edita to acquire frozen bakery producer Fancy Foods","author":"enterpriseam admin","date":"30 May 2023","format":false,"excerpt":"Edita to invest EGP 400 mn over the next year to expand the business","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1605.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":617978,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/01\/edita-looks-to-acquire-bisco-misr\/","url_meta":{"origin":542574,"position":5},"title":"Edita looks to acquire Bisco Misr?","author":"enterpriseam admin","date":"1 April 2024","format":false,"excerpt":"Edita is yet to submit an official offer or take any tangible steps towards acquiring the company","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/8.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/542574","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=542574"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/542574\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/542570"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/542575"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=542574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=542574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=542574"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=542574"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=542574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}