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.

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.