June 3, 2023

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Grupo Gloria has launched a takeover bid for Soprol, the last step in finalizing the purchase | economy

Peruvian company Glory TeamThrough its subsidiary Inversiones Gloria Chile Spa, on Tuesday Soprole Inversiones SA (SISA) launched a takeover offer (OPA) at 10,830.83 pesos per share (close to US$14) for all the shares offered.

As per the notification of commencement of OPA, it will be extended between days March 29, 2023 and April 27, 2023,”Without prejudice to any existing extensions, the result will be published in the newspapers La Nación and El Libero on the third day from the end of the term.”, the document says.

OPA’s objective -adds the announcement- is to acquire 49’824,502 shares of Soprole Inversiones, representing 100% of its share capital.

read more: Gloria: An X-ray of the milk empire being tested in Chile

The total amount of the offer is 539’641,179.347 Chilean pesos, if the purchase of 49’824,502 shares is finalized, i.e. the total of SISA’s currently issued, subscribed and paid-up shares at a price of 10,830.8394 pes. Stock sold on offer.

A copy of the OPA prospectus referred to in Article 203 of the Securities Market Act is available to the public at the Company’s offices, containing all relevant information and details about the OPA.”, Sobrol said in an essential fact sent to the Chilean Financial Market Authority.

Chile’s National Economic Prosecutor’s Office (FNE) approved the acquisition of Soprol by the Peruvian group at the end of last February. Former owners, New Zealand company Fonterra, got rid of the Chilean operation, which they had owned for more than 30 years. However, there is one step missing from completing the operation: a takeover bid that begins tomorrow.

read more: Leche Gloria announces changes in the company’s general management

That is on May 18, 2022 Gloria Foods – JORB SA Y Fonterra Cooperative Group Limited ‘ signed a secret agreement.Project Scorpio is a secret agreement‘. On November 17, The Share sale agreementUnder certain conditions, it was agreed that a public takeover offer would be launched by the company.

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On March 24, Gloria Foods – JORB SA assigned its rights to Fonterra under the purchase agreement.

And tomorrow, Chile sub Gloria, Inversiones Gloria Chile SpA will finally launch the OPA, through which Soprole plans to acquire 100% of the shares of Inversiones: a total of 49’824,502 documents. In short, they are all in the hands of New Zealand Milk (Ladam) Limited, which owns 99.98% of Inversions Dairy Enterprises SA and 0.02% of the titles of Inversions Dairy Enterprises currently owned by Fonterra (International) Limited. .

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