ABF to wholly own Australia's George Weston Foods
August 01, 2002
by Emily Wilson
LONDON — Associated British Foods PLC, U.K. has announced plans to acquire for A$160 million (US$89.9 million) the 18.75% of the capital shares of George Weston Foods Ltd. that it does not already own. If approved by the minority shareholders, George Weston Foods would become a wholly owned subsidiary of ABF and its shares would be delisted from the Australian Stock Exchange in late September.
John Pascoe, chairman of George Weston Foods, said the payment of A$6.60 per share to minority shareholders represented a 24% premium to the company’s recent trading price.
George Weston Foods is a major processor and distributor of food in Australia and New Zealand; its operations include the Tip Top and Westons baking businesses and Weston Milling.