Greece's Delta grabs controlling interest in Papafilis

Greece's top milk and ice cream maker, Delta Holdings SA, is again making deals, this time as a way to scoot ahead of other companies waiting to get listed on the Athens Stock Exchange.

The company announced this week that it purchased 75% of Papafilis Flour Mills SA, and plans sell its ice cream subsidiary to the concern, which will get the frozen treat manufacturer's shares listed on the exchange ahead of more than 200 firms, Bloomberg News reported.

Delta apparently has little interest in Papafilis' flour ops, with the purchaser's plan including "the cessation of activities in flour and expanding its activities in the ice cream sector with the acquisition of Delta Ice Cream," Delta leaders said.

Company leaders didn't reveal financial details of the deal, but the news agency calculated the transaction at $33.8 million based on buying and selling activity of Papafilis shares today, which occurred in a single transaction.

In June, Delta grabbed an 11.3% share of fast food firm Goody's SA with the two inking a partnership deal. (See related article).

Under the agreement, Delta will sell Goody's pastry products via its sales network and the two concerns will together develop new products and expand their businesses.

Delta sells its products via 30,000 Greek outlets and another 25,000 in foreign outlets.

Edited by Gerry Clark