BELGIUM: Pinguin and Globus scale down cooperation agreement
Belgian frozen food company Pinguin and Hungarian cannery Globus are set to make changes to their existing cooperation agreement. The companies plan to make common acquisitions with the aim of setting up a European frozen food company by 2007. Pinguin will obtain a 5% stake in Globus by means of a capital increase, whereas Globus will obtain a 5% stake in Pinguin at a later date.
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