Indofood buys milk processor

Indonesia's Indofood rebuilds its pre-crisis empire with the purchase of Drayton which owns 69% of milk producer Indolakto.

PT Indofood Sukses Makmur Indofood, the worldÆs largest instant noodle producer, yesterday agreed to buy Drayton, owner of IndonesiaÆs leading milk processor Indolakto, for $350 million.

Indofood, which is part of the Salim Group but 50.1%-owned by Hong Kong investment company First Pacific, signed a memorandum of understanding with Drayton back in August to fully take control of its operations, and expects to complete the purchase by December. It has signed a conditional sale-and-purchase agreement with Pastilla Investment to...

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