Turkey's Yıldız Holding to take over British food giant in next 10 days

ISTANBUL

Yıldız Holding Chairman Murat Ülker speaks during a press conference. AA photo

Turkey’s largest food group Yıldız Holding said it would contribute 60 percent of equity and finance the remaining 40 percent with debt in the acquisition of the U.K.-based snacks maker United Biscuits, Chairman Murat Ülker said at a press conference yesterday.

He also confirmed that the Turkish group paid around 2 billion pounds ($3.2 billion) in a bid after competing with a U.S.-based food giant and Canada’s Ontario Teachers’ Pension Plan.

“We have promised to take over the company in the next 10 days. We plan to make some $200 million of investments in the company to grow together,” he said.

Yıldız Holding CFO Cem Karataş said the final negotiations with United Biscuits’ top management took 23 hours without a break on Nov. 2.

“We did it altogether,” he said.

With the acquisition, Yıldız Holding has become the world’s third largest cookie maker.