Orkla considering Asian acquisitions - report |
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Fri, 26 Jan 2007 13:29
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OSLO (AFX) - Orkla ASA is evaluating takeover targets in Asia in a bid to cash in on the huge growth predicted for the region, daily newspaper Aftenposten is reporting.The Norwegian newspaper says Orkla chairman, Stein Erik Hagen, is looking to Asia for new growth opportunities.Hagen, who is also Orkla's largest shareholder, is quoted as saying he believes that economic growth in Asia can fuel growth for the Norwegian conglomerate as well.He points out to the newspaper that only 5 pct of the food eaten by people in India, for example, is processed, suggesting enormous potential for Orkla's food products.Economists attending the ongoing conference in Davos predict the world's economic power balance will shift to Asia in coming years, and especially to China and India.'If that happens and we do things right, Orkla will have to have key operations in these markets, if we are to survive in the long term,' Hagen is quoted as saying.alastair.reed@thomson.comar/ambCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Mecom to buy Orkla's stake in co, 146 mln shares placed at 68p each 