French agri-food group Terrena has announced its members and the shareholders of fellow cooperative Normandie Bovins have approved their plans to merge.
The company said 96% of its members and 86% of Normandie Bovins’ shareholders backed the combination, which will become effective on 30 June.
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Terrena said the merger marked a “continuation of partnership relations” between the two co-ops, which have been part of a wider union of cooperatives in France – Ter’Elevage – since 2008.
“This project is a real opportunity to restore value to the bovine industry in line with consumer expectations. It is a question of building a local project that secures the producers’ economy so that they can invest in their farms and innovate in the service of quality,” Terrena said.
In April, Terrena posted a rise in sales in 2016 thanks in part to recent acquisitions but revealed its EBITDA declined year-on-year.
The co-op booked a 3% rise in sales to EUR5.2bn (US$5.86bn) for 2016. Terrena pointed to the impact of changes in the size of its business during the year, including its acquisition – alongside French agribusiness Sofiprotéol – of a majority stake in local poultry processor Groupe Doux in early 2016.
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