Orkla buys Rieber & Søn
(Thomson Reuters ONE) -
Orkla ASA has signed an agreement with the Rieber family for the purchase of
their shares in Rieber & Søn ASA. In so doing, Orkla takes a significant step
towards becoming a pure play branded consumer goods company.
The agreement encompasses 90.11 per cent of the shares in Rieber & Søn at a
price of NOK 66.58 per share. The transaction values the entire company (on a
debt-free basis) at NOK 6.1 billion*.
Rieber & Søn is listed on the Oslo Stock Exchange, and is an important supplier
to grocery stores in the Nordic countries, parts of Central Europe and Russia.
Its well-known brands include Toro, Vitana, K-Salat, Delecta, Frödinge, Chaka
and Bähncke. In 2011, its total sales amounted to about NOK 4.3 billion.
Operating profit before depreciation and amortisation (EBITDA) came to NOK 642
million in 2010 and NOK 464 million in 2011. The company has a total of 2900
employees, of whom 1700 work outside of Norway.
"Rieber & Søn is a well-run group, with a strong heritage, talented employees
and strong market positions. Together, Rieber & Søn and Orkla will be the
leading Nordic food manufacturer, with the expertise and resources to develop
strong local products and brands in competition with international players,"
comments CEO Åge Korsvold of Orkla.
"The Rieber family has owned the company since it was founded in 1839. We are
proud of what we have developed through generations together with our employees.
We have considered different strategic options and potential buyers, and we are
confident that having Orkla as owner is the best alternative for further
developing our companies and brands," says Fritz Rieber on behalf of the Rieber
family.
Rieber & Søn has a range of familiar brands and businesses: Toro is Norway's
leading supplier of sauces, soups and ready-made meals, and other products.
Other famous Norwegian brands in Rieber & Søn's portfolio include Denja, Mr.
Lee, Vossafår and Vestlandslefsa. Vitana is one of the Czech Republic's largest
and most renowned food- manufacturers. K-Salat has a good position in both
Sweden and Denmark in mayonnaise, remoulade and salads. Delecta is one of
Poland's leading dessert and bake mix brands. Frödinge is the market leader in
chilled and frozen cakes and desserts in Sweden. Chaka is a well-known Russian
brand of nuts. Bähncke is the leading Danish mustard brand. In addition, Rieber
& Søn supplies the food service sector in Norway, Sweden, Denmark, the Czech
Republic and Slovakia.
"With this acquisition, Orkla expands its product portfolio and gains strong
market positions in categories that are entirely new to us. Rieber & Søn has
created local food customs and defined the well-loved taste of a number of
familiar products. The company has strong brands that are an optimal fit for
Orkla's product portfolio as regards categories, production technology and
geography," Korsvold elaborates.
Orkla has signed the agreement with the companies AS Atlantis Vest, Zee Ploeg AS
and Flu AS. The selling companies are owned and controlled by representatives of
the Rieber family. The purchase price will be paid as a cash settlement, funded
by drawing on committed credit facilities. The purchase price will be adjusted
based on an interest rate corresponding to NIBOR3M for the period from the
signing of the agreement until closing.
Closing of the transaction is conditional upon receiving approval from the
European Commission and Russian competition authorities. It is expected that
closing of the transaction can take place by the end of Q1 2013. After
completing the transaction with the Rieber family, Orkla will present a
mandatory offer to the remaining shareholders in the company based on the same
price per share that will be paid to the Rieber family, and subsequently seek to
have the company delisted from the Oslo Stock Exchange.
More detailed information about Rieber & Søn, including facts about its
governance and management as well as key figures, is included in appendix. More
detailed information about the transaction and its importance for Orkla is also
included in appendix.
*Based on Rieber & Søn's balance sheet as at 30 June 2012.
Orkla ASA
Oslo, 20 August 2012
Ref.:
EVP, Corporate Communications and Corporate Affairs, Orkla ASA
Håkon Mageli
Telephone +47 928 45828
SVP Investor relations, Orkla ASA
Rune Helland
Telephone +47 225 444 1/+47 977 13250
CFO, Rieber & Søn ASA
Fredrik Witte
Telephone +47 970 16769
Director of POD and Communications, Rieber & Søn ASA
Nina Skage
Telephone +47 915 38890
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Key figures RIE:
http://hugin.info/111/R/1634860/525006.pdf
Acquisition of RIE:
http://hugin.info/111/R/1634860/525005.pdf
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other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Orkla ASA via Thomson Reuters ONE
[HUG#1634860]
Unternehmensinformation / Kurzprofil:
Datum: 20.08.2012 - 07:01 Uhr
Sprache: Deutsch
News-ID 175669
Anzahl Zeichen: 5931
contact information:
Town:
Oslo
Kategorie:
Business News
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