Vivartia seeks rest of Christis

Vivartia S.A. (Delta), the Greek dairy products giant which successfully completed the acquisition of a 46% stake in Christis Dairies Pcl (CDL) from the NK Shacolas and CTC Groups has expressed an interest to submit a bid seeking the remainder of CDL that it does not control through a public offer.

Vivartia S.A. purchased the 46% stake in Christis at the price of 29 Cyprus cents or EUR 0.496 through which 25.165.786 shares of CDL were sold by NK Shacolas and Cyprus Trading Corp. (CTC) for a total deal value of CYP 7.3 mln or EUR 12.6 mln.

The deal was completed after the Cyprus Competition Commission approved the deal subject to minor conditions.

Vivartia is now set to submit a public offer seeking to buy the remaining 29.534.214 shares of CDL that it does not control at the same price of 29 Cyprus cents or EUR 0.496 in a deal valued at CYP 8.5 mln or EUR 14.77 mln in cash.

Vivartia also holds a controlling stake in Cyprus’ third largest dairy producer, Charalambides while the Greek 3E owns Lanitis Bros., which is also involved in the production and supply of dairy products.