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Monday, July 9, 2012

Poultry Firm Doux Gets 11 Bids And Hatches Own Plan

Per www.globalinsolvency.com:


Mon., July 9, 2012
Debt-burdened poultry group Doux, which went into administration last month, threatening the livelihood of 3,400 workers and 800 farmers in France, has attracted 11 takeover offers, unions at the firm said, Reuters reported. Bidders included rival poultry producers LDC and Tilly Sabco, co-operative Terrena, agribusiness firm La Financière Turenne La Fayette, and a consortium led by oilseed group Sofiproteol, union officials said. Doux's administrators had organised a bidding round with a deadline for offers on Thursday as part of efforts to rescue one of the world's largest poultry exporters. The government, which has been pushing for a buyer for the whole group to protect as many jobs as possible with French unemployment at its highest since 1999, had said earlier it was not satisfied with an initial offer from Sofiproteol's consortium. At a meeting of Doux's works council on Friday, Chairman Charles Doux, whose family owns 80 percent of the firm, said he would make an alternative proposal in coming days to maintain the group's activities at least until December, union officials said. A commercial court in northwest France is due to consider the bids at a hearing on July 23, union officials said.

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