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Saudi’s Savola Says JP Morgan To Advise On Possible Stake Buy In Americana

Saudi’s Savola Says JP Morgan To Advise On Possible Stake Buy In Americana

Savola said in August it had held preliminary talks with one of Americana’s largest shareholders about buying a stake in the firm.

Saudi Arabia’s Savola Group has appointed JP Morgan to advise on its potential purchase of a stake in Kuwait Food Co (Americana), the Jeddah-based firm said on Tuesday.

Savola previously said in August it had held preliminary talks with one of Americana’s largest shareholders about buying a stake in the rival food producer. At the time, Savola did not name the shareholder, but Kuwait’s al-Kharafi family owns 67 per cent of Americana, according to Reuters data.

In Tuesday’s bourse statement, Savola also said it had not yet signed any agreement to invest in Americana.

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