July 5, 2012

Terrena planning for acquisition of Doux

French food cooperative, Terrena, may be bidding for poultry company, Doux, which entered into administration in June 2012.

A Terrena spokesperson told just-food.com that the company is seeking to place a bid, but the decision has not been finalised.

It has been reported that Doux has extended the deadline for takeover bids by three days to July 5.

Doux, which is one of the world's largest poultry exporters, was put into administration by court in Quimper, France, after the company suspended payments to its creditors.

Earlier, the company said that it owed EUR200 million (US$250.2 million) in Brazil, where it acquired subsidiary Frangosul in 1998, and EUR140 million (US$175.2 million) to Barclays bank.

Doux employs 10,000 people across the world including 3,400 in France. It has supply contracts with about 800 poultry breeders. Doux founder Charles Doux owns 80% of the company, while BNP Paribas holds 20% stake. The company posted sales of EUR1.4 billion (US$1.8 billion) in 2010.