June 19, 2018 / 2:16 PM / in 2 months

Germany's Oetker considering acquisitions to grow business - CFO

BIELEFELD, Germany (Reuters) - Germany’s family-owned Oetker Group has acquistion targets in its sights after selling the Hamburg Sued shipping line to Danish giant Maersk (MAERSKb.CO) for 3.7 billion euros (3.3 billion pounds) last year, the company’s finance chief said on Tuesday.

FILE PHOTO: Extracts for baking of German food company Dr.Oetker are offered at a supermarket of Swiss retail group Coop in Zumikon, Switzerland December 13, 2016. REUTERS/Arnd Wiegmann

The deal has created “options for action,” Heino Schmidt said, adding that the firm already has its eyes on “desired candidates” for takeovers.

Oetker, a diversified group with interests in food, beverages, hotels and other sectors, is confident of matching 2017’s sales volume in the foreseeable future via organic and acquisition-based growth, Schmidt told reporters.

Oetker’s net financial assets stood at 3.6 billion euros at the end of 2017, according to company records.

Reporting by Matthias Inverardi; Writing by Andreas Cremer

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