Chipita close to sealing deal for Nikas
The announcement of the acquisition of cured and cooked meat producer Nikas by a group of Chipita food firm shareholders and the Impala Invest company is expected in the coming days, which will lead not only to the former’s reorganization and growth but also to a restructuring of the entire market in Greece.
Officials involved in the upcoming deal estimate that the announcement will come by November 10, with the aim of completing the takeover by the spring of 2016.
Chipita owner Spyros Theodoropoulos has made no secret of his plan to consolidate other cured and cooked meat producers under the Nikas brand, given that a number of them have found themselves in a difficult financial position despite promising starts.
The deal with Nikas provides for a 20-million-euro share capital increase with the participation of Chipita shareholders (including Theodoropoulos and the Olayan Group) and Impala Invest, for a transfer of Nikas assets (worth 44.83 million euros) to crediting banks, and for a “generous” haircut on Nikas’s loans that add up to about 70 million euros.
The fall sales window will open on a Sunday for the first time in Greece, as retail stores will be able to offer discounts on all their merchandise from November 1 to 10. Shops will be allowed to open on the first Sunday of that period, but the federation of private employees has called a strike.