Spanish food group Sos Cuetara has confirmed that negotiations to sell a 20-30% stake in the company are ongoing.

“The deal has been delayed – we expected to complete it last year. Negotiations are continuing, but we cannot give any indication of whether an agreement it likely to be reached or when this might be,” a spokesperson told just-food today (2 April).

The primary issue holding the deal up is the 55% decline in Sos’s share value this year, the company confirmed.

The spokesperson declined to reveal who Sos is in talks with, as it could “disrupt negotiations”. According to local reports, it is understood that the company is in discussions with an Arab sovereign wealth fund.

Sos also confirmed today (2 April) that its creditors have called an extraordinary meeting with chairman Jesus Salazar.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

While the company said that the topics to be discussed in the meeting this afternoon are confidential, it is understood that the lenders require further information on how the company plans to spend an EURm (US$1.31bn) loan.