date:Sep 12, 2012
US-based Kraft Foods has entered into an agreement to gain full control of Morocco's leading cookie firm Bimo from National Investment (SNI), an investment vehicle owned by Morocco's royal family, for MAD1.31bn ($151m).
Under the agreement, SNI will sell its 50% stake in Bimo, to increase Kraft Foods stake in the company to 100%. The deal, which is subject to customary regulatory approvals, is likely to be to be finalized within six months.
SNI will use the proceeds from the sale lower debts a