FRANCE - Troubled French poultry processor, Groupe Doux, is to sell a 25 per cent stake in the company to Saudi Arabian food group, Almunajem.
Almunajem has been a customer of Doux for 40 years and last year expressed an interest in taking a stake in the French poultry company.
The move comes less than a year after the Breton-based poultry company was released from receivership.
Last year the Saudi group, which specialises in the import and distribution of food products, said it was studying the conditions of an eventual acquisition of 25 per cent of Doux shares, together with Développement & Partenariat Finance, the future main shareholder and the company’s other shareholders.
This week, the sale of the shareholding was announced in the French press.
With Almunajem owning 25 per cent of the share, the remaining 75 per cent is owned by D&P Holdings, a subsidiary of the holding company of Didier Calmels, a businessman specialising in the recovery of bankrupt companies.
The Doux Group, which employs about 2,200 people, was placed in receivership in June 2012 because of large debts.
Nearly 1,000 jobs were axed from the company before a rescue plan was approved in late November 2013 by the Commercial Court of Quimper.
This plan was based on an agreement providing for the recapitalisation with D&P as the majority shareholder with 52.5 per cent stake.
Almunajem was also in the picture at this stage looking at a potential 25 per cent stake, while the Doux family kept a 22.5 per cent share, compared to the 80 per cent the family previously owned.
In early 2014, the company became completely owned by D&P although Almunajem was still showing an interest until the present deal was sealed.ThePoultrySite News Desk