»»Almarai to take over Hadco
Saudi-based Almarai Co. has acquired Hail Agricultural Development Company (Hadco) for 3.2m, giving the latter's shareholders one new Almarai share and SR2.5 for five Hadco shares, in its bid to gain entry into the Saudi poultry business. Hadco has said its board would recommend to shareholders acceptance of the bid. The two firms have fixed a November 30 deadline for conclusion of the acquisition.
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