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Spanish food group considers merger

23-Nov-2001

Spanish food group Sos Cuetara said on Wednesday it would consider a merger with Koipe after it completes its 414.7 million-euro ($364.7 million) takeover of the edible oils company.

 

 

 

Sos Cuetara's Chairman Jesus Salazar said in a news conference that Koipe would eventually be integrated as a business into Sos Cuetara, but exactly how the tie-up would be carried out was not yet determined.

 

 

 

"The simplest way to do it would be through a full legal merger, but we have 15 months to decide (which is the best integration method)," Salazar said.

 

 

 

Sos Cuetara launched a 350-million euro bid for Koipe in early October. The 27 euros per share offer had to be raised to 32 euros to win backing from Koipe's 51-percent shareholder, Italy's Montedison .

 

 

 

Salazar said that with Koipe, Sos Cuetara will post sales of 130.1 billion pesetas and net profit of 3.7 billion pesetas this year.

 

 

 

Sos Cuetara was formed last year by the merger of Spanish rice company Sos Arana with biscuit-maker Cuetara.

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