SWEDEN: Cloetta Fazer seals name change

By: just-food.com | 16 December 2008

Cloetta Fazer, the Nordic confectioner that is set to demerge, has announced the formal adoption of a change of name for part of the business.

Fazer Konfektyr Service, the half of the company that will become a subsidiary of Finnish food maker Fazer Group, has been registered by the Swedish Companies Registration Office, it was confirmed today (16 December).

The unit will then be listed on the stock exchange under the name Fazer Konfektyr Service AB.

Shareholders approved the name change at an extraordinary general meeting late last month.

Earlier this month, the demerger entered its final stages with Finnish group Fazer announcing its offer to shareholders in the Nordic confectioner.

The demerger was first agreed this summer, bringing to an end tensions between the company's two major shareholders. Both sides had accused the other of breaking an agreement to limit their stakes in the business and mediation talks failed to resolve the conflict.

Following the division, Cloetta Fazer's managing director and CEO Jesper Åberg has been appointed as managing director of Fazer Konfektyr.

The Cloetta-related activities previously conducted within Cloetta Fazer will continue in the new Cloetta.

Sectors: Confectionery

Companies: Cloetta Fazer, Fazer Group