The court handling the potential sale of Tilly-Sabco Bretagne wants the four companies that have submitted takeover bids for the embattled French poultry exporter to improve their offers.
Saudi Arabia’s Al Dhahry Group, a wholesale supplier of frozen and chilled meats and Dutch firm Wegdam Food Link, which specialises in frozen poultry and, as well canned food, have made bids for Tilly-Sabco, which was placed under judicial administration this summer.
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Brittany-based poultry firm Le Clézio has tabled a offer, while the fourth bid is from French poultry giant LDC, focusing on Tilly-Sabco’s sausage activities.
The employment provision of the different offers ranges from retaining eight to 55 jobs out of Tilly-Sabco’s total workforce of 195 staff. However, none of the bids in their current form meets the legal criteria relating to guarantees on job conservation and the financing of a business development plan, a source close to the proceedings told just-food.
“The court has given the candidates until 30 November to improve their offers. If this doesn’t happen then the court will more than likely order the liquidation of the company as it does want to see a repeat of the situation where a takeover plan is validated only for Tilly Sabco to end up bankrupt again a year from now,” the source said.
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By GlobalData
