A French court of appeal has upheld an earlier ruling approving the takeover of dairy group Toury by a consortium of four companies led by local cheesemaker Dischamp.
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Toury, a EUR230m (US$313m) business, went into administration earlier this year amid losses in excess of EUR150m.
In May, a commercial tribunal in Clermont Ferrand selected the consortium’s bid in preference to one submitted by French dairy giant, Lactalis.
The decision triggered an appeal from senior managers of the nine companies that make up the Toury group, a move that was supported by Lactalis who reportedly improved its bid by EUR15m.
However, the court rejected the appeal on the grounds that as none of the nine companies had submitted a recovery plan they did not have the right to appeal.
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By GlobalDataThe four associates in the consortium will each take control of part of Toury’s business; Groupe des Laiteries Co-operatives de Charente-Poitou (milk), Dischamp (cheeses) Spain’s Grupo Leche Pascual (fruit juice) and Vitagermine (baby foods).
