Del Monte Pacific Secures Preliminary Approval for Del Monte Foods Acquisition

<p> Del Monte Pacific has received preliminary approval by the Singapore Exchange to acquire Del Monte Foods. The company is now seeking final approval from shareholders, according to Business World.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding"> In October 2013, Del Monte Pacific announced it will be purchasing the consumer food business of Del Monte Foods for approximately $1.68 billion with plans to expand into a new key market. Del Monte Pacific, which operates one of the largest pineapple plantations in the world, expects to benefit from Del Monte Foods’ much wider access to the processed pineapple business in the U.S. The purchase is expected to add around $1.8 billion in sales.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding"> Two Philippine banks, BDO Unibank Inc. and Bank of the Philippine Islands, will loan Del Monte Pacific $350 million and $165 million, respectively, to fund the acquisition, according to GMA News. The company said it is also planning to undertake a share placement amount to $150 million.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding"> COO Luis F. Alejandro said that the funding and transaction should be closing by around mid-February.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding"> Stay tuned to AndNowUKnow as we follow continuing developments on the acquisition of Del Monte Foods.</p><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding"><p><a class="btn btn-sm btn-primary col-lg-12" style="white-space: normal;" href=" http://www.bworldonline.com/content.php?section=TopStory&amp;title=Del-Monte-deal-okayed&amp;id=82490" target="_new"> Business World </a></p><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding"><p><a class="btn btn-sm btn-primary col-lg-12" style="white-space: normal;" href=" http://www.gmanetwork.com/news/story/343956/economy/finance/del-monte-pacific-borrows-515m-from-bdo-bpi-to-fund-del-monte-foods-acquisition" target="_new"> GMA News </a></p><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding">