British sweets producer Cadbury Schweppes, one of the major international companies in the field, is discussing the takeover of local chocolate producer Kandia-Excelent, the second-largest Romanian company in the sector, according to sources close to the deal.
The British group could make a public offer for Kandia-Excelent on the Bucharest Stock Exchange,
where the company is listed, sources told Business Standard. The value of the transaction could amount to €126 million, according to the sources. Cadbury has been targeting the Romanian market for several years and discussions with Kandia started some years ago, according to market data. The sources added that Asian investors are also interested in Kandia.
Cadbury Schweppes and Kandia-Excelent officials were not available for comment before the closing of this edition. The company’s best-known brands are Kandia, Laura, Rom and Magura.
Kandia posted net sales of RON 122.37 million (some €34.7 million) and net profit worth RON 26.63 million (€6.7 million).
The local retail chocolate market and chocolate tablet products amounted to RON 368 million (€104 million) in 2006. Kandia-Excelent’s main competitors are Kraft Foods Romania, Heidi Chocolate Suisse and Supreme Chocolates.
Kandia recently concluded proceedings to purchase several Kraft Foods products lines. It now owns the production facilities, recipes and promotional materials for the Silvana and Sugus candies.
Kandia’s main shareholder is the Axis Investments fund, with 83.96 percent of the shares.
Austrian Meinl Bank became a shareholder in 2006, following its acquisition of a 9.16 percent stake.
The company is listed on the Bucharest Stock Exchange, with market capitalization worth RON 398 million (€122 million.)
Offer
The British group could make a public offer for Kandia-Excelent on the Bucharest Stock Exchange, where the company is listed, sources told Business Standard. The value of the transaction could amount to €126 million, according to the sources.
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