Nestlé has reached an agreement with food producer Osem to acquire the 36.2% stake it does not currently own in the Israeli company.
The deal, which has a value of around ILS 3.3bn ($840.5m), will bring Petah Tikva-based Osem under Nestlé’s control, increasing its stake from 63.7%.
The sale price represents a value of around $21.30 per share – higher than an offer equivalent to $20.65 per share that the Swiss-based food giant made in November, Reuters reported.
Osem is a manufacturer of pasta, salad dressings and ice cream under both Nestlé and other brand names – but is best known in Europe as a producer of soy-based meat alternatives.
The details of the transaction were disclosed by Osem to the Tel Aviv Stock Exchange earlier this week.
“Upon completion of the deal… the company will become a private company that is fully owned by Nestlé”, triggering its delisting from the stock exchange, Osem said in its statement.
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