Colombia: Nacional de Chocolates Plans Merger with Inveralimenticias Noel

Colombia s largest food company Inversiones Nacional de Chocolates announced
plans to merge with its unit Inveralimenticias Noel, creating a food giant
in Latin America with assets of 2.8 trln Colombia pesos (915 mln
euro). Both National de Chocolates and Inveralimenticias are part of Colombia s
largest industrial conglomerate Grupo Empresarial Antioqueno (GEA).


Nacional de Chocolates agreed in October 2004 to buy two production plants
of Swiss food giant Nestle in Costa Rica, including biscuits and chocolates
brands in Central America. Inveralimenticias Noel bought out in February
2005 the 30 pct stake that French dairy group Danone held in Colombian
biscuits maker Galletas Noel.
Nacional de Chocolates exports its sweets and chocolates to 65 countries.
The company posted a net profit of 116.66 bln pesos (38 mln euro) in
2004, up 10 pct year-on-year. Inveralimenticias Noel, which produces
cookies, candies and crackers, posted a net profit of 55.412 bln pesos (18 mln euro) in 2004, up from 47.716 bln (16 mln euro) in 2003.