Swiss chocolate maker Barry Callebaut has said that it has temporarily halted the compulsory buyout of the minority shareholders of its German unit Stollwerck after a lawsuit challenging the buyout was filed.
Go deeper with GlobalData
Shareholders at Barry Callebaut’s general meeting on 30 April voted to squeeze out Stollwerck minority shareholders in exchange for cash compensation of CHF295 (US$225.5) per share.
Barry Callebaut said Stollwerck would contest the lawsuit. “Challenging squeeze-out resolutions has, unfortunately, become commonplace. Not a single squeeze-out has been blocked by these legal challenges,” board chairman Andreas Schmid was quoted by AFX as saying.
The Swiss company acquired 96.1% of Stollwerck shares in August 2002 through its German subsidiary Van Houten Beteiligungs, which issued a mandatory public offer to buy the remaining shares of minority shareholders. Following the expiration of the offer, Van Houten holds 98.66% of the share capital and has submitted a proposal to the remaining minority shareholders, offering to give them cash compensation so that the shares can be delisted.
