DUBAI Aug 18 Kuwait Food Co (Americana)
said on Monday that it had no knowledge of any talks
with Saudi Arabia's Savola Group on a possible
acquisition of Americana.
"The board and executive administration deny knowledge of
any negotiations with Savola regarding an acquisition of
Americana," the Kuwaiti company said in a statement to its stock
A recent meeting between the two companies was intended only
to discuss the possibility of joint cooperation in certain
fields and markets; the meeting did not result in any
development requiring disclosure, Americana said.
It added that its shares, suspended since last Thursday
pending clarification of the issue, were expected to resume
trading within an hour.
Savola said last Wednesday that it had begun preliminary
talks on a potential acquisition of Americana. It said it had
attended an investor roadshow held by Americana's management,
but talks had not yet reached a stage that would require
Reuters reported in April that the al-Kharafi family, the
billionaire majority shareholder in Americana at 66.8 percent,
had hired investment bank Rothschild to explore a possible sale
of the business.
(Reporting by Andrew Torchia. Editing by Nadia Saleem.)