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April 19, 2012

FRANCE: Doux coy on JBS deal as investment talks continue

French poultry group Doux is continuing talks with potential investors amid reports it is looking to offload its assets in Brazil to meat giant JBS.

French poultry group Doux is continuing talks with potential investors amid reports it is looking to offload its assets in Brazil to meat giant JBS.

A report yesterday (18 April) said FSI, the French state investment fund, had given up on plans to take a stake in Doux.

This was a consequence of being kept in the dark on Doux reportedly signing an agreement to sell its activities in Brazil to JBS.

Quizzed on the claims, Doux told just-food: “We are not going to comment on anything at this stage which could perturb discussions currently taking place with potential investors, the aim of which is to strenghten Doux’s equity and bring stability and a better maturity to its debt in order to provide the means for future growth.

“A number of meetings are being held to evaluate the commercial, industrial and financial aspects of the business but no decision has been reached at this juncture,” the group added.

JBS declined to comment on the reports of a deal with Doux.

In 2010, heavily-indebted Doux withdrew a notes offer to raise EUR400m (US$525.2m) due to “difficult” market conditions.

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