How First Pac will finance Del Monte Pacific deal

The Hong Kong-listed firm is back on the acquisition trail and back in favour.

In what could amount to a $410 million acquisition, First Pacific has announced its intention to buy Del Monte Pacific. In the first phase of its acquisition it has agreed to buy 40% of the company from Cirio, an Italian food company that is now under receivership.

The 40% stake will cost $164 million - a 20% premium to Singapore-listed Del Monte Pacific's stock price. However, at an estimated 9.9 times 2005 EBITDA, the deal...

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