Loss-making French poultry producer Groupe Doux reportedly announced its intention to file for liquidation on Friday (23 March).
The company, linked with a takeover bid from Ukrainian-based agri-food group MHP, will have the verdict on any filing delivered by a commercial court in Rennes.
Go deeper with GlobalData
Doux’s discussions with MHP continue but it is possible a successful outcome would involve at least part of the Doux processing business being relocated to Ukraine.
Other potential buyers have until midnight on 28 March to come forward.
Chateaulin-based Doux, which was founded in 1955, is owned by French co-op the Terrena Group.
See Also:
Terrena took on the responsibility of supporting Doux’s business in April. All creditors have been paid by Terrena but it has said it cannot carry on doing so indefinitely.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataAs recently as 21 March, MHP said it possesses the tools to turn around Doux.
MHP, which also has a large chicken processing business, is believed to have submitted a takeover proposal for the ailing Doux earlier this month to a French government restructuring body and was also in discussions with the Brittany-based firm’s shareholders.
Reports said MHP was ready to invest EUR150m (US$185.6m) in transforming Doux on condition the French state invests too.
Doux revealed it was suffering economic difficulties back in September.
just-food has contacted Terrena Group for a comment.
