Nissin Foods: to buy stake in Russian noodle maker

Tokyo / JP. (nfh) Nissin Foods Holdings Co. Ltd., a Japan-based instant noodle maker, announced that it would acquire a one-third stake in Russian peer Angleside Limited for 26,8 billion JPY (209,57 million EUR). Angleside owns LLC Mareven Food Central, an instant noodle maker. Nissin Foods would initially acquire a 14,99 percent stake in January for a total consideration of 9,3 billion JPY. Nissin specified that the Russian Group account for 41 percent of the market share in the instant noodle market. The company would then boost its stake to 33,5 percent by September 2010 by acquiring new shares in Cyprus-based Angleside, Nissin noted in a statement to the Tokyo Stock Exchange. Describing about the reasons for the partnership, Nissin stated that Russian demand for instant noodle products was estimated at about two billion packs in 2008, with per capita consumption standing at around 14 packs, which is expected to expand further.

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