BRIEF-Orkla ASA: Orkla Expands In India

  • 9 months ago
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Sept 4 (Reuters) – Orkla ASA :

* REG-ORKLA ASA: ORKLA EXPANDS IN INDIA

* REG-ORKLA ASA: ORKLA EXPANDS IN INDIA

* ORKLA ASA – ENTERED INTO AN AGREEMENT TO ACQUIRE 67.8 PER CENT OF SHARES IN EASTERN CONDIMENTS PRIVATE LIMITED

* ORKLA ASA – ORKLA WILL DOUBLE ITS SALES IN INDIA

* ORKLA ASA – PARTIES HAVE AGREED ON A PURCHASE PRICE THAT VALUES EASTERN (100 PER CENT) AT INR 20 BILLION (APPROX. NOK 2.4 BILLION) ON A DEBT AND CASH FREE BASIS

* ORKLA ASA – ACQUIRER IS ORKLA’S WHOLLY OWNED SUBSIDIARY MTR FOODS PRIVATE LIMITED

* ORKLA ASA – SUBSEQUENT MERGER PROCESS IS EXPECTED TO TAKE APPROXIMATELY 15 MONTHS AFTER COMPLETION OF ACQUISITION

* ORKLA ASA – AGREEMENT INCLUDES A LONG-TERM MECHANISM FOR ORKLA TO OBTAIN FULL OWNERSHIP OF JOINT ENTITY

* ORKLA ASA – AGREEMENT TO ACQUIRE A MAJORITY STAKE IN EASTERN IS SUBJECT TO APPROVAL OF COMPETITION COMMISSION OF INDIA

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