SWEDEN: Cloetta Fazer to change financial year

By: just-food.com | 30 July 2008

Cloetta Fazer, the Nordic confectionery group set to split in two, has won Swedish government approval to change its financial year.

The company will move its its financial year to the period from 1 September to 31 August.

The firm added that it will apply a financial year from 1 January to 31 August and prepare an annual report for that period.

At an EGM last Friday (25 July), controlling shareholders in Cloetta Fazer approved plans for the company to split.

The company will revert back to Swedish group Cloetta and Finnish firm Fazer Confectionery, which will be consolidated into the privately-held Fazer Group. Cloetta Fazer was formed when the two companies merged in 2000.

The move brings to an end tensions between the company's two major shareholders. Both sides accused the other of breaking an agreement to limit their stakes in the business and mediation talks failed to resolve the conflict.

Sectors: Confectionery

Companies: Cloetta Fazer, Fazer Group