Anglo-Dutch consumer goods giant Unilever has announced that it will be restructuring its Portuguese food business with its current joint venture partner, Jeronimo Martins Group.
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Until now, Unilever Portugal has held a 40% stake in the FimaVG foods business, a joint venture with Jeronimo Martins Group, in addition to its wholly owned Bestfoods business acquired in 2000.
The deal sees the two foods businesses – FimaVG and Unilever Bestfoods Portugal – unified and the joint venture stakes re-balanced so that Unilever will subsequently hold 49% of the combined foods business and Jeronimo Martins Group 51%.
Unilever said it will receive approximately €80m (US$106.9m) as a result of the deal, which is subject to regulatory approval.
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