CP Foods bids for 40% of Minh Phu

Charoen Pokpand Foods (CP Foods), Thailand's largest exporter of shrimp, is bidding for 40 percent of Vietnam’s biggest shrimp producer Minh Phu, well-placed industry sources told IntraFish.

CP Foods will be paying VND 45,000 (€1.67/$2.16) per share, an Asia-based source said the total cost should be about $60 million (€46.3 million).

It is a combination of both secondary shares from existing institutional investors and primary issues, although the exact ratio is not known.

What this means for Minh Phu is it will have money for use through the sale of its primary shares, but its secondary shares will not yield any financial surplus.