FRANCE: Lactalis loses out in Toury takeover bid
Lactalis' takeover bid for Massif Central-based dairy group La Laiterie Toury de Saint-Genès-Champanelle (Toury) has failed.
Toury, a EUR230m (US$311.3m) business, went into administration last month amid heavy losses.
Rejecting the Lactalis bid, a court in Clermont Ferrand opted instead for a proposal from four companies led by local cheesemaker Dischamp.
The group also includes Spanish dairy food and beverages firm, Leche Pascual, milk co-operative Groupement de Laiteries Co-opératives de Charente-Poitou (GLAC) and Vitagermine, a Bordeaux-based organic and dietary food specialist.
The bid makes provision for the safeguarding of Toury's 500-strong workforce and offers EUR48m for its stocks and liabilities, including EUR13m in debts owed to local milk producers.
The takeover is expected to create synergies in the cheeses segment between Toury, best known for its Saint Nectaire brand, which carries an AOC label and Dischamp.
The deal will also provide scope for GLAC to extend its range to include mountain milk as well as providing a possible bottling solution for its own production.
Blue Skies, a UK-based produce firm, sets out to help growers in developing countries get a fair return for their labour. However, the company's reliance on air freight has left it in the firing-line ...
For obvious reasons, baby food manufacturers prefer it when birthrates are increasing but in North America, as in so many developed markets, the population is not obliging them. However, the increasin...
Hain Celestial, the US-based natural and organic group, has posted an increase in quarterly earnings on the back of rising sales....
Cutting consumption of red meat, reducing salt intake and eating more fruit and veg can all help thwart cancer, according to a study into prevention of the disease....
US farming pressure group The Cornucopia Institute has slammed a government ruling that a controversial Dean Foods dairy is operating within organic standards....
Dutch food group Royal Wessanen has seen quarterly profits more than double thanks to rising sales in North America and Europe and better cost control....
Dairy group Arla Foods is to again increase the price it pays to milk producers....
Organic food is healthier than its conventional counterparts, according to a EU-backed study....
- Unilever 2016 investor day - the top takeaways
- The key questions for digital strategists in 2017
- Wessanen's move for Spain's Biogran - analysis
- Have food promotions reached tipping point?
- Burger King, Jollibee: foodservice focus, Nov 2016
- General Mills jobs to go in business revamp
- Verlinvest, China Resources invest in Oatly
- B&G acquires pasta sauce group Victoria Fine Foods
- Japan's Nagatanien buys Chaucer Food Group
- Tyson sets up US$150m investment fund