France backs consortium bid for Doux
The French government is supporting a consortium led by French oilseed giant Sofiprotéol to bid for the ailing Doux group.
Reuters, citing French daily Le Figaro, reports that Sofiproteol could lead a French consortium to make an offer for the entire group, according to Le Figaro’s unnamed sources.
Sofiprotéol, which - in addition to oilseed processing - is also active in the animal feed, egg and pig breeding industries, was not immediately available for a comment.
A deadline for takeover bids for Doux expires this afternoon.
The family-owned firm went into administration at the start of June with debt of 340 million euros ($423 million), putting at risk 3,400 staff and about 800 poultry farmers in France.
Its plight has prompted the intervention of France's new Socialist government, which is trying to avoid a wave of factory closures after unemployment hit its highest level since 1999.
Doux, 80 percent family-owned, with the remainder held by French bank BNP Paribas, has contracts with some 800 poultry breeders in addition to the 3,400 staff it employs in France.
To comment, login here
Or register to be able to comment.