{"id":653395,"date":"2024-10-16T00:00:00","date_gmt":"2024-10-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/16\/arla-foods-looks-to-take-over-domty-in-usd-183-mn-transaction-plus-eca-greenlights-anglogolds-bid-for-centamin\/"},"modified":"2024-10-16T00:00:00","modified_gmt":"2024-10-16T00:00:00","slug":"arla-foods-looks-to-take-over-domty-in-usd-183-mn-transaction-plus-eca-greenlights-anglogolds-bid-for-centamin","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/16\/arla-foods-looks-to-take-over-domty-in-usd-183-mn-transaction-plus-eca-greenlights-anglogolds-bid-for-centamin\/","title":{"rendered":"Arla Foods looks to take over Domty in USD 183 mn transaction. PLUS: ECA greenlights AngloGold\u2019s bid for Centamin"},"content":{"rendered":"

It was a busy 24 hours for M&A news <\/strong>\u2014 Danish Arla Foods wants to snap up Domty, AngloGold Ashanti\u2019s bid for Centamin gets the greenlight from the Egyptian Competition Authority, and updates on Amoun\u2019s planned acquisition of Atlas for Investment and Food Industries.<\/p>\n

ARLA FOODS WANTS DOMTY-<\/p>\n

Arla is eyeing a complete takeover of Domty:<\/strong> Denmark-based Arla Foods has submitted a non-binding offer to acquire up to 100% of local cheesemaker Domty, according to a press release<\/a>.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

The offer: <\/strong>Arla is looking to buy a majority stake of up to 100% in the company at EGP 31.48 per share, valuing the company at some EGP 8.9 bn or USD 183 mn. The offer price of EGP 31.48-a-pop represents a 74.6% premium on Domty\u2019s closing price of EGP 18.03 yesterday.<\/p>\n

Our large dairy market is a big part of the pull: <\/strong>\u201cThe dairy market in Egypt is substantial, Domty is a leading player in that market, and the company is well aligned with our strategy,\u201d Arla\u2019s Senior VP for MENA Kim Valladsen said. The MENA region is Arla\u2019s second largest commercial area after Europe.<\/p>\n

A full takeover seems unlikely<\/strong>, with Arla expecting the founding El Damaty family to keep a stake in the company, with Mohamed El Damaty to continue to lead the company as CEO.<\/p>\n

El Damaty confirmed this in a <\/strong>Facebook post<\/a><\/strong>, saying that whether the transaction goes through or not, he will remain atop the company\u2019s board of directors and the company\u2019s plans to add more production lines and acquire a new plot of land will move forward. <\/p>\n

A vote of confidence in the local market: <\/strong>\u201cThe offer shows just how much Domty has been undervalued amid weak valuations and a low share price over the eight years since its IPO,\u201d El Damaty said.<\/p>\n

More details:<\/strong> Arla plans to delist the company from the EGX in the event of a successful purchase.<\/p>\n

What\u2019s next?<\/strong> The offer is subject to \u201csatisfactory due diligence, definitive documentation, corporate and regulatory approval.\u201d<\/p>\n

Not the company\u2019s first venture into the Egyptian market:<\/strong> Back in 2015, Arla formed a JV<\/a>with dairy giant Juhayna<\/a> to sell Arla\u2019s products in Egypt. The company further cemented its name in the regional market after securing the license to use the Kraft<\/a> brand in the Middle East. <\/p>\n

Advisors: <\/strong>EFG Hermes is acting as the exclusive financial advisors to Arla on the transaction, a source close to the matter told EnterpriseAM.<\/p>\n

\n

ECA GREENLIGHTS ANGLOGOLD\u2019S CENTAMIN ACQUISITION-<\/p>\n

ECA clears the path for AngloGold\u2019s acquisition of Centamin:<\/strong> The Egyptian Competition Authority (ECA) has approved NYSE-listed miner AngloGold Ashanti\u2019s<\/a> offer to take over LSE- and TSX-listed Centamin<\/a>, according to an LSE disclosure<\/a>.<\/p>\n

Refresher:<\/strong> The two companies agreed last month<\/a> to an acquisition that will see AngloGold buy Centamin in a cash and share transaction valued at around USD 2.5 bn. The acquisition will give AngloGold \u2014 the sixth-largest gold miner in the world \u2014 ownership of Egypt\u2019s Centamin-run Sukari mine.<\/p>\n

What\u2019s next?<\/strong>Centamin shareholders are scheduled to vote on the transaction at the end of October for the transaction to be finalized before year end.<\/p>\n

\n

PREMIUM HEALTHCARE HAS MORE ACQUISITIONS IN THE PIPELINE-<\/p>\n

Premium Healthcare subsidiary eyes Jordan expansion with new JV:<\/strong> Premium Healthcare \u2014 formerly City Labs<\/a> \u2014 subsidiary Premium Diagnostics UAE is forming a joint venture with Jordan\u2019s Qudah Consulting Laboratories, the company said in an EGX filing (pdf)<\/a>. The JV \u2014 dubbed Premium Diagnostics for Laboratories and Medical Supplies \u2014 will open 20 new branches over the next three years and be jointly owned by the two companies in a 50\/50 split. The final investment and capital requirements are expected to be settled within 60 days.<\/p>\n

All part of a bigger plan: <\/strong>The medical diagnostics company has plans to expand<\/a> its network of labs to 216 across Egypt, Saudi Arabia, and Jordan next year.<\/p>\n

\n

THE CLOCK IS TICKING ON AMOUN\u2019S OFFER FOR ATLAS- <\/p>\n

To sell or not to sell? <\/strong>Atlas For Investment and Food Industries shareholders have 20 working days to respond to Amoun for Real Estate and Tourism Development\u2019s MTO for 65.59% of the company, according to an EGX bulletin. Shareholders have until Tuesday, 12 November to respond to the offer \u2014 the acquisition will be executed within the five working days that follow. <\/p>\n

ICYMI: <\/strong>Amoun wants to buy 427.2 mn of Atlas\u2019 shares at EGP 0.78 per share in a mandatory tender offer, putting the transaction\u2019s value at EGP 333.22 mn by our math. Last month, it submitted a mandatory tender offer<\/a> to acquire a majority stake in Atlas, with the Financial Regulatory Authority approved<\/a> earlier this week. <\/p>\n","protected":false},"excerpt":{"rendered":"

Arla is offering to pay EGP 31.48 per Domty share<\/p>\n","protected":false},"author":1,"featured_media":653396,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[2569,1598,72,564,7128,373,427,3070],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-653395","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-centamin","tag-domty","tag-enterpriseam","tag-food","tag-ma-watch","tag-mining","tag-pharma","tag-sukari-gold-mine","wpautop","entry"],"acf":{"mongo_id":"3239e19b-5957-4421-9ce2-fa09f16d54c4","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/1277.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Arla Foods looks to take over Domty in USD 183 mn transaction","related_issue":[653387],"teaser":"Arla is offering to pay EGP 31.48 per Domty share","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.eb9c23c6-ff0c-4054-ac84-4a8f923a5b1e.mp3"},"yoast_head":"\nArla Foods looks to take over Domty in USD 183 mn transaction. 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