Chipita close to seal­ing deal for Nikas

Kathimerini English - - Front Page - DIMITRA MANIFAVA

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.

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