TUF Will Complete Bumble Bee Purchase then Hold off on More Acquisitions Until 2017
SEAFOODNEWS.COM [The Nation] by Pichaya Changsorn - Ma 19, 2015
To maintain its prudent financial discipline, Thai Union Frozen Products will refrain from any more major takeovers during the next two years after completing its US$1.5-billion acquisition of Bumble Bee Seafoods this year, president and chief executive officer Thiraphong Chansiri said yesterday.
TUF, the world's largest canned-tuna company, is waiting for approval from US antitrust authorities to proceed with the purchase of its US competitor, which would add $1 billion (Bt33 billion) to its annual revenue and allow it to control nearly 40 per cent of the United States' shelf-stable tuna market.
Thiraphong said that after its capital increase planned for completion in August, TUF was expected to have a net debt-to-equity ratio close to 0.5:1, while the debt-leverage ratio would go up to nearly 1:1 after the acquisition of Bumble Bee, expected to be finalised by September or October...
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