Almarai Set To Enter Poultry Industry

Almarai, Saudi Arabia's leading dairy company, has reached an agreement to acquire full ownership of the domestic poultry producer Hail Agricultural Development Company (Hadco). Contingent on every Hadco shareholder approving the deal, Almarai will pay SAR30.1 per share - a 3.4% premium on the company's closing share price on June 30 2009 and 35.3% more than Almarai had unsuccessfully bid in November 2008 (the deal values Hadco at around SAR950mn (US$253mn). Should the deal be successfully closed, Almarai will further bolster its chances of capitalising on BMI's forecast that through to 2013 food consumption in Saudi Arabia will increase by

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