(MENAFN) Savola Group, a major Saudi food producer, said it had begun preliminary talks regarding a possible acquisition of Kuwait Food Company (Americana), Gulf Daily News reported.
Last April, it was reported that Americna"s Al Kharafi family, who are the majority shareholders at 66.8 percent had hired Rothschild, an investment bank, to explore the possibility of selling the business.
The company is reportedly worth USD4.4 billion in market value, and is a franchise operator of a group of restaurants, including Pizza Hutt and KFC. They also produce food products like frozen vegetables.
Americana, which operates in 13 countries and has over 63.000 thousand employees, registered USD3.1 billion in sales last year and USD179 million in net profit.
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