Barclays to take 80% of Doux in September

28-08-2012 | | |
Barclays to take 80% of Doux in September

Barclays, one of Doux’s main creditors, is set to assume control of the French poultry group, Reuters reports.

A union representative said that Barclays is set to assume control of Doux next month.

Barclays is expected to take an 80% stake in Doux, which went into court administration in early June, in exchange for forgiving debt of €140 million (US$175 million).

“The transformation of Doux’s Barclays debt into 80 percent of its capital should be implemented on September 10,” Raymond Gouiffes of the CGT union told Reuters following a meeting of the company’s works council.

Gouiffes further revealed that a Barclays representatiave had been added to the interim Doux management team.

A French commercial court has ordered the liquidation of Doux’s money-losing fresh poultry operations, which have attracted five bids. The court is due to review the offers on September 5.

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