Confectionery maker Bibica Corporation (coded BBC) on March 13 announced that Pan Food Joint Stock Company, a subsidiary of Pan Pacific Corporation (coded PAN), made a public offer for over 4.6 million BBC shares, equivalent to nearly 30 percent of the company's charter capital.

In a filing with the Ho Chi Minh Stock Exchange, Bibica said Pan Food offered to buy these shares for 56,800 VND (2.65 USD) each. This acquisition aims to increase Pan Food's ownership of Bibica. Both companies are headquartered in HCM City.

If the deal is secured at this price, Pan Food will pay over 261 billion VND (12.2 million USD) to own these shares.

BBC shares declined 1.75 percent the same day to close at 56,000 VND (2.62 USD) a share.

Pan Food currently has a 21.13 percent stake in Bibica, equivalent to 3.26 million shares. It aims to increase its holding to 51 percent and take control of the confectionery maker.

Bibica currently has two major shareholders. Lotte Confectionery owns 6.79 million shares, or 44.03 percent of Bibica's charter capital, while Pan Food became a major shareholder on January 27 by purchasing 2.3 million shares.

Apart from Pan Food, another subsidiary of Pan Pacific Corporation, Ben Tre Aquaproduct Import and Export Co (coded ABT), holds a 3.58 percent stake of Bibica, or 553,000 shares.

Bibica is one of the leading confectionery makers in Vietnam with popular brands including Hura, Choco Bella, Orienko, Zoo and OneTwoThree. Last year, it reported sales of almost 1.13 trillion VND (52.8 million USD), an increase of 7 percent over the previous year. Its net profit also went up 27 percent to reach 57.4 billion VND (2.7 million USD).-VNA