Italian food giant makes a bid for Hovis
Italian firm, Newlat Food, has put forward a non-binding offer to the shareholders of Hovis Holdings Ltd.
In a statement, Newlat explained that the offer was made following evaluation of the sustainability of the investment in short, medium and long term.
According to the Italian firm, the acquisition of Hovis would allow them to achieve, in the next two years, consolidated revenues of around €1 billion and become one of the most important operators in the food sector in Europe, with a substantial market share in Italy, Germany and the United Kingdom.
Newlat Food is awaiting feedback from Hovis shareholders.