HKScan said that the planned acquisition of Rose Poultry, which had sales of EUR200m (US$254.6m) in fiscal 2008/09, would see its poultry operations expand to Denmark and Sweden. HKScan already has poultry businesses in Finland and the Baltic states.
The acquisition remains subject to anti-trust approval but HKScan said it would pay EUR23.9m in a cash-and-shares agreement.
HKScan is paying up to EUR15.9m in cash and is issuing up to 1m shares in its own business to Rose Poultry.
“[HKScan] will become one of the leading players in the poultry market in northern Europe. Rose Poultry’s strategic suitability for HKScan is excellent and it will constitute an important step in the development of the company’s poultry business,” the company said today (9 September).
It added: “The consumption of poultry meat is continuing to grow globally and in HKScan’s market areas.”