CIRIO PUTS DEL MONTE ON MENU

ITALIAN food and beverage group Cirio said this week it was making a firm cash offer to buy shares in South African food company Del Monte and to dismantle the complex Del Monte pyramid holding structure. The dismantling of the pyramid structure of Del Monte Royal Holdings (Delhold), Del Monte Royal Corp (Delcorp) and Del Monte Royal Foods (Delfood) would give Cirio about 36% of Delfood’s issued shares. Cirio said it would pay 525 South African cents to Delhold minorities for each of their Delfood shares. The offer of 525 cents would also be made to the minorities in Delcorp and Delfood. – Reuters