Thai Union expects decision on Bumble Bee acquisition next month
A decision from U.S. authorities regarding the proposed acquisition of Bumble Bee Seafoods by Thai Union Group is expected to arrive by 18 December, hypothesized the canned tuna producer.
If the deal goes down, Thai Union plans to divest its holding in its Chicken of the Sea brand and will alert potential buyers – who have already lined up – of the brand’s availability, said Thirapong Chansiri, Chief Executive Officer for Thai Union Group, as reported by Reuters.
Chicken of the Sea exists as the third largest canned tuna brand in the United States, where Thai Union has conducted 42 percent of its sales in the first 9 months of 2015. According to Thirapong, the goal of amassing USD 8 billion in sales by 2020 via acquisitions and organic growth is on target.
The company’s investment budget has been set at BHT 3.5 billion (USD 97.74 million) for 2016, sans mergers and acquisitions. Thai Union expects to grow from 4 to 10 percent in 2015.