DUBAI Oct 6 Kuwait's stock exchange said on
Thursday that it would hold on Oct. 20 an auction in which Gulf
investment consortium Adeptio is expected to buy a majority
stake in Kuwait Food Co (Americana).
Adeptio, an investment group led by prominent Dubai
businessman Mohammed Alabbar, agreed in June to pay $2.4 billion
to buy a 69 percent stake in Americana from the Kharafis, a
wealthy Kuwaiti merchant family.
The price in the deal is 2.650 dinars a share, which is the
level at which bidding will start in the auction. The shares
last closed in the market at 2.560 dinars.
Americana owns the Middle East franchises for fast food
chains KFC and Pizza Hut and also produces branded consumer
After Adeptio completes the purchase of the stake from the
Kharafis, it will launch a mandatory takeover offer to remaining
Americana shareholders at the same price under Kuwaiti
securities rules, Adeptio has said.
(Reporting by Hadeel Al Sayegh; Editing by Andrew Torchia)