Dutch firm intends to buy Engro Foods for $460m

KARACHI: In a pursuit to its updated route 2020 strategy, the FrieslandCampina International Holding BV, a Dutch dairy cooperative, announced on Thursday that the company intends to acquire up to 51 percent stake of Engro Foods Pakistan.

A Dutch dairy giant with an investment of around $460 million is all set to buy Pakistan’s largest dairy firm, Engro Foods and the foreign firm would complete due diligence of the local dairy company in next six to

eight months.

“The updated route 2020 strategy means are used to achieve sustainable growth in the long term,” the Dutch company said.

Engro Corporation Limited also announced through a stock filing on Thursday that the Dutch company FrieslandCampina International Holding BV is interested to acquire up to 51% of the company’s shareholding in Engro Foods and the potential acquirer may commence due diligence shortly.

The acquiring company would also have to make public offer to acquire at least 50% of the free float shares (99 million shares) pursuant to the acquisition. The entire due diligence of the transaction is expected to take at least 6-8 months.

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