US: Fresh Del Monte wins lawsuit over former shareholders
A Miami-Dade County Circuit Court jury hearing the lawsuit bought by former indirect minority shareholders against Fresh Del Monte Produce has found in favour of the company and its co-defendants, concluding that the acquisition of Fresh Del Monte by the IAT Group was conducted properly.
"Since the filing of this meritless litigation almost four years ago, we have always maintained that the acquisition of Fresh Del Monte by the IAT Group in December 1996 was proper and according to all legal requirements and consents," said Mohammad Abu-Ghazaleh, chairman and CEO of Fresh Del Monte.
"We stated from the first day we saw their complaint that we would vigorously defend against these false allegations regarding the propriety of the sale of Fresh Del Monte to the IAT Group in 1996. Finally, we had our day in court and the jury has confirmed that we were right and that the plaintiffs' allegations were without any merit. The truth prevailed."
Companies: Del Monte Foods
Del Monte Foods has launched a "freeze-and-eat" line of sorbets in the US....
Canada's CanGro Foods has sold its Aylmer and Primo brand soup business to Baxters' local arm....
A raft of cost-savings has boosted quarterly profits at US-based Fresh Del Monte Produce....
Philippines food and beverage conglomerate San Miguel Corp. (SMC) is to sell its stake in the owner of Del Monte Pacific Ltd, which produces food products under the Del Monte name in the the country....
Del Monte Foods expects sales growth in the region 12% to 15% for 2007, over fiscal 2006 net sales of US$2,998.6m, mainly on the back of pet food purchases....
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Del Monte Foods has launched a no added sugar range of canned peaches, pears and fruit cocktail in the US....
Del Monte Foods expects to record pretax charges and cash expenditures totalling US$22m relating to a cost-cutting plan announced in June, the company said yesterday (6 November) in a regulatory filin...
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