Dongwon to acquire StarKist
Published:24-June-2008
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In line with its intentions to expand globally, Dongwon, a South Korean food group, has confirmed that it will acquire US-based Del Monte Foods's sea food business, StarKist, revealed Reuters.
The news agency quoted a Dongwon spokesperson as saying: "The acquisition price will slightly top $300 million."
Lee Kyung-min, an analyst at CJ Investment & Securities, said: "Details, such as which arm of Dongwon is actually taking over Starkist, are yet to be unveiled. But it is overall positive that Dongwon Group's buying a very well-established US brand. Dongwon could sell its varieties of tuna through the StarKist brand name, for instance."
In May 2008, Del Monte revealed that it was exploring options for Starkist, which included a likely sale.
