Arab Finance: Danish dairy giant Arla Foods, known for its Lurpak butter, has made a non-binding offer to acquire a majority stake in Egypt’s Arab Food Industries Company (Domty), as per a statement.
The offer values Domty at EGP 31.48 per share, a 74% premium over its closing price of EGP 18.03, valuing the company at total of EGP 8.9 billion.
If the deal is finalized, Arla plans to delist Domty from the Egyptian Exchange (EGX).
El-Damaty family, who are the major shareholders of Domty, are expected to retain a stake in the company, with Mohamed El-Damaty remaining as CEO.