The Peruvian company Gloria, through its subsidiary Inversiones Gloria Chile Spa, launched a Takeover bid (OPA) for 100% of the shares issued by Soprole, a leading brand in the dairy industry Chilean, at a value of US$14 per share, according to Bloomberg.
According to what was reported to the Commission for the Financial Market (CMF), The public offering will run from March 29 to April 27, 2023, but does not include markets outside of Chile. In total, there are 49 million 824,502 shares, based on a price of US$674 million 551,474.
Gloria will close the purchase of Soprole, a company that has 15 brands and has 29.3% of the Chilean dairy market. Photo: Composition LR/Gloria
The negotiation between Gloria and Soprole began two years ago; However, in November 2022, the Chilean company changed owners, after the New Zealand cooperative Fonterra sold the brand to the Gloria Foods group.
In February 2023, the Chilean National Economic Prosecutor’s Office (FNE) gave the green light to the purchase operation, which meant a relevant step in the acquisition of the dairy company. Upon this approval, the interim general manager of GloryClaudio Rodríguez, assured that the company would guarantee the continuity of its strategic plan during the purchase process.
The Peruvian conglomerate founded by the brothers Vito and Jorge Rodríguez will now face a challenging scenario, since Soprole’s revenues registered an increase of 14.1% in 2022, but its profits fell by 8.1% due to the increase in cost of salesas detailed by Bloomberg.
In February of this year, it was anticipated that the purchase of Soprole was valued at more than US$600 millionwhich would mean one of the largest and most historic acquisitions by a Peruvian company.
Source: Larepublica
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