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Savola to complete takeover of Azizia Panda

26 Sep 2010

(MENAFN) A statement issued by Savola Group said that the Saudi conglomerate plans to raise to 100 percent its stake in retail giant Al-Azizia Panda United from about 92 percent through a share swap and cash deal, Reuters reported.

According to the statement, Savola will issue 8.71 million new shares to Alhokair Group, and pay $5.52 million in cash in exchange for latter’s 7 percent stake in Azizia.

Last year, Savola paid Fawaz Alhokair Group $66.3 million in cash and 7 percent in shares in Azizia Panda to buy some assets held by supermarket chain Geant Saudi Arabia.

This would be the second time in less than two months that a Saudi family-owned firm agrees to sell its shares in Azizia Panda United to Savola Group. Savola said the Alhokair deal valued Azizia Panda United at $1.15 billion.

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