Saudi Arabia’s largest food group Savola has been linked with a US$300m bid to acquire confectionery manufacturer and retailer Sannabel Al-Salam.
A report from news agency Reuters today (2 October) said sources had told it Jeddah-based food producer and distributor Savola is in talks with the Riyadh firm.
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Savola, which owns supermarket chain Panda, manufactures and markets food, including sugar, oil and dairy products, throughout the Middle East, north Africa and Turkey.
Sannabel Al-Salam manufactures and sells products including Arabic sweets, cakes, pastries, chocolate and ice cream. It is owned jointly by Dubai-based NBK Capital Partners, the private-equity arm of National Bank of Kuwait and Dr Saleh Bin Nasser Al Farhan, who founded the company in 1995.
Savola reported a 96% fall in first-quarter net profit in May.
In 2016, Savola saw the sales and earnings from its food division decline amid an impairment on the Saudi Arabia-based group’s food manufacturing business in Egypt.
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By GlobalDatajust-food’s attempt to verify Savola’s interest in acquiring Sannabel Al-Salam was unsuccessful.
