Kraft to buy out Moroccan cookie maker
Kraft Foods Inc., Northfield, Ill., will pay 1.31 billion dirhams ($151 million) to take full control of Morocco's top cookie maker, Bimo, from local investment holding National Investment Co. (SNI), which is controlled by the country's royal family, according to SNI and Kraft.
SNI has signed an agreement for the sale of its 50% stake in Bimo to double Kraft Foods' stake in the company to 100%.
"This transaction paves the way for a new phase in strengthening Bimo's leadership and development," SNI says in an emailed statement, citing Kraft Foods as "top partner because of its expertise and know-how" in the cookie industry.
Kraft says the deal is subject to customary regulatory approvals. A source close to the deal says it expects the deal to be finalized within six months.