Hungarian canned food producer Globus has modified a declaration of intent signed earlier with Belgian frozen food company Pinguin, and signalled its intention of proceeding with its independent spending spree.
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The agreement concerns mutual acquisitions. As reported last month, Globus and Pinguin will acquire a minimum 5% stake in each other’s equity, with the value to be maximized at €1.5m. Globus will not participate in Pinguin’s acquisition of the UK’s Albert Fisher group, and it will carry out its own purchase of Polish firm Elsner Polen alone.
Globus attributed this to the intention of the parties to focus on the successful and rapid completion of their own acquisitions, reported Interfax. Both parties will continue to benefit from their existing trading contacts and aim to establish a joint frozen food holding company within the next three to five years. Plans had called for Pinguin to own 70% and Globus 30% in Albert Fisher, while Globus would be the major stakeholder in a 70-30% split of Poland’s Elsner.
