NADEC seeks regulatory approval on economic concentration

National Agriculture Development Co. (NADEC) has filed a request on April 17 to the Saudi General Authority for Competition (GAC) to approve the economic concentration arising from the company’s acquisition of Al Safi Danone.

Both firms are operating in dairy and beverage production, including yoghurt, milk solids and juice, GAC said in a statement.

The authority called on the related parties to submit their opinions on completing the economic concentration process within 15 days, the statement added.

Last month, NADEC signed a final agreement to acquire 100 percent of Al Safi Danone Co. from Al Safi Holding Co. and Danone Dairy Investments Indonesia (DDII) through a share swap deal, Argaam reported.

Under the agreement, Al Safi Holding will sell 34.95 million shares of ADS, representing 83 percent of share capital, Nadec said in a bourse statement.

Meanwhile, DDII will sell 7.16 million shares, representing 17 percent of ASD.