Kuwait’s Americana says no binding offers for stake sale, talks ongoing

Dubai: Kuwait Food Co has not received any binding offers for a stake in the company to date, the firm better known as Americana said in a statement on Sunday. Americana, backed by Kuwait’s billionaire Al Kharafi family, said talks were ongoing with several parties. The company’s shares rose last week after Bloomberg reported that Singapore’s Temasek Holdings and Saudi’s Savola Group had teamed up to bid for the Kuwaiti firm in a potential deal valuing the company at between $4 billion and $5 billion. Americana’s shareholders have been in talks since early 2014 about selling a stake in the firm with private equity funds KKR and CVC previously among the main contenders.