Frutarom increases stake in Etol 98 per cent

Frutarom increases stake in Etol to 98 per cent

11:59 PM, 19th March 2012
Frutarom increases stake in Etol to 98 per cent
Ori Yehudai, President and CEO, Frutarom.

HAIFA, ISRAEL: Frutarom Industries acquired 34.2 per cent of Etol’s equity through a takeover bid, in return for €141 per share. In January and February, Frutarom acquired 63.4 per cent of the company’s share capital through transactions made on and outside the Slovenian stock market, in return for an overall amount of approximately €22.3 million. Following the current acquisition, Frutarom will hold 97.6 per cent of Etol’s shares. The total amount paid for the acquisition of 97.6 per cent of the shares was €34.6 million. Over the next few weeks Frutarom will act to delist Etol from the Slovenian Stock Exchange and to acquire the balance of shares in Etol from the remaining shareholders.

“Frutarom considers this an important and strategic acquisition, which significantly expands Frutarom’s operations in Central- and Eastern Europe and strengthens its presence and market share in these fast growing markets. We have made eight successful strategic acquisitions since the beginning of 2011, and the scope of the revenues of these acquisitions is $145 million. Over the next few months we will continue to utilize the many efficiencies arising from the integration of these acquisitions and we are convinced they will enable us to reach the next significant step in Frutarom’s profitable growth,” said Ori Yehudai, President and CEO, Frutarom.

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