Belgian frozen food company Pinguin and Hungarian cannery Globus are set to make changes to their existing cooperation agreement.

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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.


Pinguin will now not proceed with its planned acquisition of Polish cannery Elsner, and likewise, Globus will not take part in the purchase of UK Pinguin Foods.


 

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