The paper studies valuation ratios of food companies that were part of mergers & acquisitions (M&A) involving at least one French company during the 1996 - 2001 period. Results converge to value food company 1.1 to 1.4 times its turnover. Corporate valuation may differ according to food sub-sector. Most M&A are transnational deals. There is no significant difference of "valuation to turnover" ratios among M&A involving only French firms and M&A involving companies from different countries.
DECLERCK, F. (2003). Valuation of Target Firms Acquired in the Food Sector During the 1996-2001 Wave. International Food and Agribusiness Management Review.