FRANCE: Financière Turenne Lafayette in exclusive talks to buy Madrange
By Stuart Todd | 3 June 2011
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FTL is in exclusive talks to buy Madrange |
French food holdings group Financière Turenne Lafayette (FTL) is in exclusive talks to buy cooked charcuterie specialist Madrange.
Following discussions held under the auspices of a government committee on industrial restructuring, Madrange is set to be acquired by the Limougeoise de Salaisons, a 100% subsidiary of FTL. The value of the proposed transaction has not been disclosed.
In 2009, Madrange entered into takeover talks with FTL, which owns the Paul Predault ham label and one of France's leading tinned meals brands, William Saurin, but the sell-off plans were dropped.
Last month, just-food reported that French cold meats firm Aoste, part of Spain's Campofrio, had made a bid to purchase Madrange.
However, Madrange said on Wednesday (1 June) that it "favours a 100% French solution which preserves the group’s production facilities".
Madrange is set to become part of FTL's chilled foods division, swelling its turnover to around EUR550m (US$796.6m) and its workforce to 1,800. FTL's global turnover will rise to EUR950m.
In 2010, Madrange posted a turnover of EUR273m. It employs close to 1,100 staff.
The president of Madrange's board, Roland Wolfrum, will remain at the helm.
Sectors: Chilled foods, Meat & poultry, Mergers & acquisitions
Companies: Madrange, Campofrio
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