Leading Greek food company Vivartia has acquired a 21% stake in unlisted dairy group Mevgal for a sum of EUR15.05m (US$18.93m). Mevgal’s president, however, is reportedly trying to block the move.
Mevgal president Petros Papadaki told euro2day.gr that the company’s constitution prevents the transfer of shares without approval from the board. Papadakis said that he will attempt to block the deal and has called for the Greek competition authorities to intervene.
Mevsal, which generated sales of EUR176m in FY2005, is the third largest frech dairy company in the region with a 7.1% market share.