Orkla bid for complete takeover of Chips

The Norwegian consumer goods concern Orkla, which owns 20.4 % of Finnish snack manufacturers Chips,has made bid for the remaining shares. Should the offer of €22.85 per share be accepted the sale will worth € 320 m. Orkla also own 38 % of the joint venture of Nordic snacks company Chips Apb run in cooperation with Chips and active on snack markets in Denmark, Norway and Sweden. Chips employs 1,300 people and is the Scandinavian snack market leader. The company also does business in Russia and the Baltic states. Chips holds a 10 per cent share in that market with it’s Nash Champion brand. Operating profit totalled € 298 m last year. The best-known Chips brands are Taffel, OLW, KiMs, Polly and Oolannin.