Americana gives go-ahead to due diligence
DUBAI, February 8, 2016
Kuwait Food Company (Americana) said that its board had agreed to give an investment firm 60 days to carry out due diligence for the acquisition of a controlling stake in the company.
Last week the Gulf-based investment firm, Adeptio, said it had signed an initial agreement to buy a 69 per cent stake in Americana from the Al Khair holding company, which is owned by Kuwait's Al-Kharafi family.
Americana has a market capitalisation of about $2.95 billion, suggesting the 69 per cent stake could be worth around $2 billion.-Reuters