JOLLIBEE EYEING UK SANDWICH CHAIN?
HONG KONG: Jollibee Foods Corp, popular in the Philippines for its sweet-style spaghetti and fried chicken, is exploring a bid for Britain’s Pret A Manger which could value the upscale sandwich chain at more than US$1 billion (RM4.2 billion), sources familiar with the matter said.
The deal would make an unlikely pairing. Jollibee has a huge following in the Philippines, as well as with Filipinos overseas, for its burgers and other fastfood meals.
Pret, meanwhile, has built its reputation selling organic coffee and wholesome sandwiches to office workers in Britain and in cities like Hong Kong and New York.
Jollibee had been holding talks with an adviser over an offer for Pret, the sources said.
The sources said Jollibee’s offer could value Pret at more than US$1 billion, based on its 2016 core earnings of just more than £93 million (RM527 million).
A successful bid by Jollibee would mark the biggest overseas deals to date by the Flipino company, and potentially one of the biggest ever outbound deals from the Philippines.
Jollibee, with a market value of US$5.2 billion, operates the largest food service network in the Philippines with 2,700 restaurant outlets and has also been expanding across Southeast Asia and beyond.
Pret has more than 400 shops worldwide. Bloomberg