Belgian frozen food company Pinguin and Hungarian cannery Globus are set to make changes to their existing cooperation agreement.

The companies plan to make common acquisitions with the aim of setting up a European frozen food company by 2007. Pinguin will obtain a 5% stake in Globus by means of a capital increase, whereas Globus will obtain a 5% stake in Pinguin at a later date.

Pinguin will now not proceed with its planned acquisition of Polish cannery Elsner, and likewise, Globus will not take part in the purchase of UK Pinguin Foods.