UKRAINE: EU bank buys stake in Bel cheese arm
The European Bank for Reconstruction and Development (EBRD) has snapped up a minority stake in a Ukrainian cheese maker owned by French giant Groupe Bel.
The EBRD said yesterday (13 December) that it had bought a 17.5% stake in Shostka, which Bel bought in April.
The EBRD, which invests cash in companies based in the emerging markets of Eastern Europe and the former Soviet Union, had signaled its plans for Bel back in September.
The bank said the Shostka investment would be used to finance the modernization of the company's production facility and to increase the site's capacity.
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French cheese maker Fromageries Bel has signalled its belief in the potential of markets in Eastern Europe with the acquisition of Czech peer Jaromericka....
Fromageries Bel, the French cheese maker, has posted an increase in profits for 2007 despite the rising cost of milk weighing on the business in the second half of the year....
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