LONDON--Associated British Foods PLC (ABF.LN), the food and
ingredients group that also owns the Primark retail brand, said
Friday that it has acquired Elephant Atta, an ethnic flour brand,
from Premier Foods PLC (PFD.LN) for 34 million pounds in cash.
MAIN FACTS:
- Elephant will be incorporated into Westmill Foods, an ethnic
food products provider.
-Premier Foods will continue to mill and package the flour with
the brands being managed independently from Westmill Foods until
regulatory approval is obtained.
-Premier Foods says it will use the proceeds to pay down
debt.
-Associated shares closed Thursday at 1,284 pence valuing the
company at GBP10.17 billion.
-Premier Foods shares closed Thursday at 88.25 pence valuing the
company at GBP212 million.
-Write to Rory Gallivan at rory.gallivan@dowjones.com