UK firm MS Foods is set to take majority control of French poultry exporter Tilly-Sabco Bretagne for the token amount of EUR1 (US$1.15).
MS Foods’ stake in Tilly-Sabco will increase from 33% to 76%. The Chamber of Commerce in the French town of Morlaix, which confirmed the transaction, will hold the remaining 24%.
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At the end of 2014, Tilly-Sabco was saved from liquidation when MS Foods, Brittany investment fund Breizh Algue Invest and the CCI each took a 33% stake in the business.
Last November the CCI acquired Breizh Algue Invest’s 33% stake in Tilly-Sabco. The CCI underlined at the time taking control of Tilly-Sabco was “temporary” and designed “to allow for the arrival of other investors and the implementation of investment plans necessary to the firm’s long-term well-being”.
The president of the chamber, Jean-Paul Chapalain, said MS Foods had committed to injecting fresh capital of EUR1m and investing EUR2m in a new production line dedicated to fresh chicken.
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