Pacific to buy Indofood<\/p>\n
HONG KONG (AFP): Hong Kong-based conglomerate First Pacific
\nCo. Ltd. said Tuesday it would spend US$650 million to buy a 40-
\npercent stake in Indonesian foodmaker PT Indofood Sukses Makmur.<\/p>\n
In a statement to the Stock Exchange requesting that trading
\nin its shares be suspended pending a detailed announcement, First
\nPacific said it planned to place at least $150 million in new
\nshares as part of the deal.<\/p>\n
First Pacific originally planned to buy a 60 percent stake in
\nIndofood, the world's largest maker of instant noodles, in
\npartnership with Japan's Nissin Food Products Ltd.<\/p>\n
However, the deal collapsed in the face of opposition from
\nsome of the Indonesian firm's 70-strong bank creditors.<\/p>\n
First Pacific then said it would proceed independently with
\nthe acquisition of a 30-percent stake from Indonesia's Salim
\nfamily, with local newspapers reporting the company planned to
\nadd a further 10 percent to its holdings.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/pacific-to-buy-indofood-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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