Saudi Arabia’s food producer Savola Group has clarified its position about acquiring Kuwait Food Co. (Americana) for $5 billion, stating that it has not made any statements in this regard.
The Tadawul-listed company added that it has not signed a memorandum of understanding (MoU); however, it initiated talks with Americana management. It added that the negotiations have not come out with any material developments.
It was reported Savola is among the bidders for Americana, with an offer totaling KWD 1.41 billion ($5 billion), Bloomberg reported citing sources with knowledge of the deal.
Americana, the operator of KFC and Pizza Hut restaurants in the Middle East and North Africa, is likely to fetch more than $4 billion, the sources said.