Orkla Food Ingredients AS entered into an agreement to acquire 66.2% stake in Stelios Kanakis Industrial and Commercial S.A., Raw Materials for Confectionary, Bakery and Ice-Crea (“Kanakis”) from Stelios Kanakis and Maria Kanakis for €21.5 million.
March 28, 2019
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Orkla Food Ingredients AS entered into an agreement to acquire 66.2% stake in Stelios Kanakis Industrial and Commercial S.A., Raw Materials for Confectionary, Bakery and Ice-Crea (ATSE:KANAK) (“Kanakis”) from Stelios Kanakis and Maria Kanakis for €21.5 million on March 28, 2019. Orkla will acquire shares at €4.35 per share. Stelios Kanakis and his family own approximately 86% of the shares. In a related transaction, Orkla made a voluntary tender offer to all Kanakis shareholders at an offer price of €4.36 per share on March 29, 2019. If Orkla attains an ownership interest of over 90% in Kanakis, a squeeze-out process will be implemented and the company will be delisted. At the same time, 20% of the shares will be sold back to the Kanakis family at €4.36 per share, with the result that the family will own 20% and Orkla 80% of Kanakis. Stelios Kanakis will continue to serve as Managing Director. The transaction is subject to Orkla acquiring 4.18% of the shares in Kanakis from minority shareholders following announcement of the tender offer.
Stelios Kanakis SA is a Greece-based company that imports and distributes raw materials for confectionery, bakery and ice cream products. The Companyâs product range includes margarine; butter; vegetable fat and creams; fresh cooking creams; fruit purees, fillings and glazes; jellies; confectionery and bakery improvers; mousses; dark chocolate; chocolate imitations, sticks and drops; pralines; truffles; almond and coconut pastes; Confectionery fondant and jams; sugar products; Pasteurized egg yolk; concentrated liqueurs; decoration products, such as cups and plates; bakery mixes, flavors and sweet fillings; ice cream pastes, toppings, bases, emulsifiers, stabilizers and ready-to-use powders; fruits in syrup; bread toppings; moulds for baking and mixes for salty preparations. It distributes its products through its own distribution network and via 99 representatives, 52 of which are in Attiki, 21 in Macedonia and 26 in the islands and the rest of Greece.
Orkla Food Ingredients AS entered into an agreement to acquire 66.2% stake in Stelios Kanakis Industrial and Commercial S.A., Raw Materials for Confectionary, Bakery and Ice-Crea (“Kanakis”) from Stelios Kanakis and Maria Kanakis for €21.5 million.
STELIOS KANAKIS INDUSTRIAL AND COMMERCIAL S.A., RAW MATERIALS FOR CONFECTIONARY, BAKERY AND ICE-CREA 
