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DUBAI: Abu Dhabi’s IHC is bidding for a 25-31.25% stake in Colombian food processing company Grupo Nutresa at $15 per share. For IHC, this is an extension of its interests in food and agriculture. The offer was made through IHC Capital Holding.
Grupo Nutresa is a $4 billion business with approximately 70 brands sold in more than 60 countries. Its strengths are clearly in the Americas, where its product range extends to cookies, chocolate, coffee, ice cream and pasta. The offer of $15 per share constitutes a premium to the stock’s current offer of $10.
Abu Dhabi’s investment giant has been focusing on direct equity at all levels of the global food industry. Most recently, ADQ acquired a stake in agribusiness Louis Dreyfuss, while Mubadala Capital held a stake in K-Mac Enterprises, the second-largest Taco Bell franchise in the United States. In April, ADQ got involved again, this time buying a majority stake in fresh fruit company Unifrutti.
As for IHC itself, the company recently made investments in India’s Adani Group Enterprises and Turkish renewable energy company Kalyon Enerji in AED11.8 billion deals. Steady portfolio expansion has resulted in a staggering net profit of AED10.3 billion for IHC in the first half of 2022.
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