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May 29, 2016 @ 11:34

$2-billion stake sale of KFC, Pizza Hut operator in Kuwait fails

Prominent Kuwaiti family Al-Kharafi has set aside the sale of a majority stake in Americana, also known as Kuwait Food Co., to a group of local businessmen.

A report by the Reuters said talks over the sale had been going on for months between the Al-Kharafi family and a Gulf-based joint venture.

Americana, a giant food company based in the Middle East which operates restaurant chains Pizza Hut and KFC, has been up in the market since 2014.

The report said that businessman Mohamen Alabbar, owner of investment firm Adeptio, has agreed to purchase 69% for Stocks and Real Estate of the food company from Al Khair. This would have been a $2 billion dollar deal, as shown by Thomson Reuter’s data.

“An agreement has not been reached between Al Khair and Adeptio and both sides have agreed to end all negotiations in regard to the acquisition”, said Al Khair in a statement. Similarly, Americana released a similar statement, but did not provide any further details.

“The parties involved could not reach an agreement on mutually acceptable terms.” said a spokesperson of Adeptio in the report.



 

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