Saudi Arabian group Almunajem has announced its intention to take a stake in struggling French poultry firm Doux.
In a statement, Almunajem said it was ready to take “a significant shareholding” in the firm. The group’s spokesperson in France said this could be around 25% of Doux’s capital, but added that the exact amount was still under negotiation.
“We are working around the clock to bring together the points of view of the different parties.”
Later this month, a commercial court in Brittany will render its verdict on a rescue plan for Doux. The company entered administration with debts of around EUR430m (US$464m) in June last year.
A major customer of Doux, Almunajem had actively supported Doux since the French firm entered judicial administration, Almunajem underlined. It had accelerated the payment process of orders placed with Doux and increased its volume of business with the firm.
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