Kraft takes full control of Morocco's top biscuit maker
RABAT, Sept 11
RABAT, Sept 11 (Reuters) - Kraft Foods Inc has agreed to pay 1.31 billion dirhams ($150 million) to take full control of Morocco's top biscuit maker Bimo from local investment holding National Investment Co. (SNI), the official MAP news agency said on Tuesday.
A source close to the deal confirmed the deal which will see SNI, controlled by Morocco's ruling royal family, sell its 50 percent stake in Bimo to raise Kraft Foods' stake in the company to 100 percent.
The deal is expected to be finalised within six months at the latest according to the source.