A court in France has approved a move from struggling French pork processor Gad to enter administration.
According to reports in France, the commercial court in Rennes said Gad, part of French agri-food co-operative Cecab, will be able to continue trading for three months.
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French retailer Intermarché has confirmed it is interested in acquiring the Gad plant in Josselin. The court has asked for all takeover bids for Gad to be made by 25 September.
Two weeks ago, Intermarché said, if it was successful in acquiring the facility in Josselin, there would need to be an overhaul of the facility. The plant would require a EUR20m (US$25.9m) investment, which the retaile said was “necessary” in order for the site to become “efficient and competitive”.
Intermarché said it was looking at ways to keep “as many jobs” as possible. It said the site would help supply 2,000 Intermarché and Netto stores with French pork, while also serve the retailer’s seven deli plants.
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