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Current Position:Home » News » Agri & Animal Products » Meat & Seafood » Topic

Terrena to place a bid for poultry firm Doux

Zoom in font  Zoom out font Published: 2012-07-04  Origin: FBR  Views: 55
Core Tip: Terrena, France’s leading food cooperative, is planning to place a bid for struggling French poultry firm Doux.
A Terrena spokesperson told just-food.com that the company is seeking to place a bid, but the decision has not been finalized.

Nearly 20 agri-food firms, including rival poultry company LDC, animal-feed manufacturer Glon Sanders, French farm cooperative Triskalia, have expressed interest in purchasing a stake or the complete takeover of Doux.

French poultry firm Doux, which entered into administration last month, has received the funds to ensure its operations. However, talks are ongoing to help the company go through its six-month period under court protection and pay off arrears to breeders.

It has been reported that Doux has extended the deadline for takeover bids by three days to 5 July.

Doux, which is one of the world's largest poultry exporters, was put into administration by court in Quimper, France, after the company suspended payments to its creditors.

Earlier, the company said that it owed €340m - which includes €200m in Brazil, where it acquired subsidiary Frangosul in 1998, and €140m to Barclays bank.

Doux employs 10,000 people across the world including 3,400 in France. It has supply contracts with about 800 poultry breeders. Doux founder Charles Doux owns 80% of the company, while BNP Paribas holds 20% stake. The company posted sales of €1.4bn in 2010.

 
 
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