GERMANY/SWITZERLAND: Barry Callebaut finalises acquisition of Stollwerck
German chocolate company Stollwerck is to be taken over by Barry Callebaut of Switzerland.
Barry Callebaut has received approval from competition authorities to buy Stollwerck for SFr256m (US$169.9m), after announcing late April that it intended to do so. The deal brings brands such as Alpia, Gubor and Sarotti into the Barry Callebaut fold and gives it a stronger presence in Germany, where Stollwerck generates some 60% of its sales, reported Dow Jones.
Barry Callebaut will take a SFr80m charge related to the acquisition, but annual synergies are pegged at SFr32m.
The deal gives Barry Callebaut the 96.1% of Stollwerck currently held by Van Houten Beteiligungs AG, and it plans to buy out the remaining small stockholders.
Stollwerck posted net profits of €15.8m (US$15.3m) in 2000 on sales of €716.8m. Barry Callebaut had a net profit of SFr97.1m in its fiscal year ended 31 August 2001, on sales of SFR2.5bn.
Callebaut is one of the world's largest cocoa users, processing around 14% of the global cocoa harvest.
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