PARIS (dpa-AFX) - National Agricultural Development Company or NADEC announced that it has entered into a non-binding memorandum of understanding with Al Safi Danone to commence discussions to study the possibility of a business combination.
NADEC specified that shareholders of Al Safi Danone will own 38.75 percent of NADEC at the completion of the proposed transaction.
'The term of the MoU is for a period of six months. The parties have agreed on an exclusivity period during which they will conduct financial, commercial and legal due diligence,' NADEC said in a disclosure to the Saudi stock exchange.
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