Charoen Pokphand Shoots Down Birds Eye Speculation
According to a filing with the Stock Exchange of Thailand, the leading food maker and exporter said…
According to a filing with the Stock Exchange of Thailand, the leading food maker and exporter said it had not entered into such a bidding process, the Nation in Bangkok reported.
CPF's statement came after Britain's Sunday Times reported that the Thai company was preparing a £2.5-billion bid for Birds Eye, owned by the private equity group. The story spread like wildfire through other news media.
The report said companies submitted first-round bids last Friday, with CPF vying with private equity firms such as Blackstone and BC Partners. The Times had said CPF had spent months in pursuit of Birds Eye, which recorded £1.2 billion in sales last year.
A source from CPF in Thailand said the deal was hardly possible, given the costly bid of up to 125 billion baht. As of year-end 2011, CPF had assets of 159.90 billion baht and liabilities of 93.38 billion. But the company reported strong revenue last year of 212.67 billion baht, up from 195.05 billion a year earlier.
CPF said a few weeks ago that it planned to acquire more operations abroad. It said first-quarter net profit soared 229% year-on-year to 12.1 billion baht on sales of 73.5 billion, up 61%. Adirek Sripratak, the president and CEO, said CPF plans to buy more international food processors. The group is in talks with three companies, he said. But not Birds Eye.
CPF's statement came after Britain's Sunday Times reported that the Thai company was preparing a £2.5-billion bid for Birds Eye, owned by the private equity group. The story spread like wildfire through other news media.
The report said companies submitted first-round bids last Friday, with CPF vying with private equity firms such as Blackstone and BC Partners. The Times had said CPF had spent months in pursuit of Birds Eye, which recorded £1.2 billion in sales last year.
A source from CPF in Thailand said the deal was hardly possible, given the costly bid of up to 125 billion baht. As of year-end 2011, CPF had assets of 159.90 billion baht and liabilities of 93.38 billion. But the company reported strong revenue last year of 212.67 billion baht, up from 195.05 billion a year earlier.
CPF said a few weeks ago that it planned to acquire more operations abroad. It said first-quarter net profit soared 229% year-on-year to 12.1 billion baht on sales of 73.5 billion, up 61%. Adirek Sripratak, the president and CEO, said CPF plans to buy more international food processors. The group is in talks with three companies, he said. But not Birds Eye.
