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Orkla Food Ingredients Acquires Two Thirds Of Greek Firm Kanakis

By Steve Wynne-Jones
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Orkla Food Ingredients Acquires Two Thirds Of Greek Firm Kanakis

Orkla Food Ingredients, part of the Orkla Group, has announced the purchase of around two-thirds of Stelios Kanakis Industrial and Commercial S.A., a Greek firm specialised in confectionery, bakery and ice cream ingredients.

Kanakis is a family-owned business listed on the Athens stock exchange, with the founder and his family owning approximately 86% of the shares.

Under the terms of the deal, Orkla will acquire approximately 65.8% of the shares from Stelios and Maria Kanakis, at a purchase price per share of EUR 4.35. In time, the food business is seeking to obtain 80% ownership of Kanakis, with the family retaining 20%.

Leading Position

“Kanakis has a leading position in our core categories, in addition to a broad-based network of customers and suppliers who are well-known to Orkla Food Ingredients," commented Johan Clarin, Orkla executive vice president and CEO of Orkla Food Ingredients. "The company is well-positioned in a region that is seeing good growth."

The business was established in 1985 by Stelios Kanakis, who is managing director of the company and will continue to serve in that position.

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"We are very much looking forward to working with the family and to continue building the company together in the future,” Clarin added.

© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.

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