Chipsy for Food Industries (CFIN.CA) and PepsiCo Inc. (NYSE=PEP) have formed a joint venture under the name Chipsy International. The newly formed company includes both CFIN and PEP’s entities in Egypt (Tasty Foods).
Chipsy International has announced its intention to repurchase all the free-floating shares of Chipsy in the market and offered a purchase price of LE15.15 per share.
Tasty Foods-Egypt, a salty snack producer is the primary competitor of Chipsy. According to the deal their joint market share will soar to around 85 percent in the potato chips market.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)
