Del Monte Pacific (DMPL), a Singapore-based food and beverage firm, has received approval from the Singapore Exchange to proceed with its proposed takeover of Del Monte Foods' (DMF) Consumer Products business in a $1.67bn deal.
In October 2013, DMPL struck a deal to acquire the consumer food business, which will mark its foray into the US market.
DMPL owns the Del Monte brand in the Philippines, and is the exclusive licensee for the distribution of processed products on the Indian sub-continent. It also owns the S&W brand outside the Americas for both processed products and fresh produce.
As per the deal, the company will purchase the brands and certain assets of DMF's consumer food business in the US, as well as equity interests in certain South American subsidiaries from DMF.
DMPL owns one of the largest pineapple plantations in the world. It expects the acquisition to benefit from much wider access to the processed pineapple business in the US.
