05 Mar

sos cuetara targets 150 million eur from disposals

Spanish food company SOS Cuetara (SOS.MC) expects to make between 100 million and 150 million euros (($125.8-$188.8 million) from the sale of further non-core assets, a company official said on Thursday.

SOS is in the process of selling non-core businesses such as its olive oil, vinegar and sauce brands as part of efforts to pay off its 650 million euro acquisition of Italian olive oil group Bertolli last year.

In December the company sold its Nutrexpa biscuits unit for 215 million euros, and has just finalised the sale of its 60 percent of sweets division Intervan to partner Pascual Carrion for 6 million euros, the official said.

At 1226 GMT, SOS Cuetara’s shares were down 9.8 percent at 4.15 euros, compared with a 2.4 percent fall on Madrid’s general index .

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