Savola in negotiations to acquire Kuwait’s Americana
Saudi food producer Savola Group announced lately it had begun preliminary talks on a potential acquisition of Kuwait Food Co (Americana). Savola has attended an investor roadshow held by Americana’s management, but talks have not yet reached a stage that would require disclosure, the company said in a bourse filing. Reuters reported in April that the Al Kharafi family, the billionaire majority shareholder in Americana at 66.8%, had hired investment bank Rothschild to explore a possible sale of the business. With a $4.4bn market capitalization, Americana is a franchise operator of restaurants including KFC and Pizza Hut, owned by Yum Brands, and Red Lobster and Olive Garden, owned by Darden Restaurants. It also makes food products such as frozen vegetables.