Ter Beke has announced the acquisition of a 33% stake in fellow ready meals maker Stefano Toselli from its shareholder GS&DH Holdings.
The Belgium-based company said it had paid EUR9.4m (US$10.6m) for the stake in France's Stefano Toselli.
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The companies have worked together in the past. In 2011, they set up a ready meals joint venture – The Pasta Food Company – in Poland, the aim of which was to produce and sell ready meals for the central and eastern European markets.
Under the 2011 agreement, the parties had also agreed on call options for Ter Beke to buy the 50% of the Polish joint venture company held by GS&DH Holdings, and to buy 100% of Stefano Toselli itself. These call options are intended to be lifted in 2018.
Ter Beke said the partial lift of the call option ahead of schedule "confirms the parties’ willingness to pursue their strategy to create a strong European ready meals group".
It maintains the right to acquire, in 2018, GS&DH Holdings' 50% of the Polish joint venture, as well as the remaining 67% of Stefano Toselli.
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