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December 1, 2010

NETHERLANDS: Wessanen to repay Kehe part of Tree of Life proceeds

Dutch food group Wessanen has been ordered to repay Kehe part of the price the US firm paid for US organic food business Tree of Life.

Dutch food group Wessanen has been ordered to repay Kehe part of the price the US firm paid for US organic food business Tree of Life.

Kehe agreed to buy Tree of Life from Wessanen last December for US$190m. In January, Kehe then paid Wessanen a further $12m for working capital and cash adjustments.

However, Wessanen said today (1 December) that an arbitrator has ordered it to pay Kehe $8m.

Kehe was claiming compensation for a downward revision in Tree of Life’s 2009 adjusted EBITDA and working capital, Wessanen said, which disputed the claim.

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