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First Pacific Withdraws Intention To Acquire Cocoaland Holdings
By:
  • First Pacific Company (First Pacific), a Hong-Kong listed company controlled by Indonesian tycoon Anthony Salim of the Salim Group, has withdrawn its intention to buy the business of the snack and candy manufacturer; Cocoaland Holdings (Cocoaland).
  • In a letter to Cocoaland Holdings, it was revealed that First Pacific felt that the strategic fit offered by Cocoaland differed from what it had initially envisaged.
  • Industry sources said it was odd that the reasoning given by First Pacific was due to issues of strategic fit, considering that it would have been easily determined from the onset, based on publicly available information.

Significance: People familiar with the case opined that the fall out of the deal was due to other issues instead, like whether Cocoaland’s existing management would continue to drive the business after the acquisition was made.


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