:. Food Industry News

Categories: Mergers and Acquisitions

Spain's SOS to Sell 25 Pct of Italy's Carapelli

Source: Reuters
18/09/2008

Madrid, Sept 18 - Spanish food group SOS Cuetara said on Thursday it has hired Ahorro Corporacion to initiate talks with potential investors over the sale of about 25 percent of its Italian olive oil business Carapelli.

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SOS Cuetara hopes to receive between 250 and 300 million euros ($355.0 -$426.1 million) from the deal, which will be used to partly finance its acquisition of Italy's Bertolli, company sources told Reuters.

The move comes before a planned stock market listing in Italy of Bertolli, which SOS acquired from Unilever in July for 630 million euros.

The rest of the purchase will be financed by the planned sale of the Spanish company's biscuits business.

SOS Cuetara shares were down 0.38 percent at 13.06 euros by 0951 GMT, while Spain's benchmark Ibex index .IBEX rose 1.57 percent.



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